This adage rings especially true when we look at the state of relationship management between buyers and suppliers. WorldCC’s latest study (to be published next month) reveals a wide gap between understanding its importance and taking the steps needed to align each party’s interests.
In today’s fast-paced and volatile business environment, open and collaborative relationships take on added significance. For any customer organization, a coherent approach to managing supplier relationships is a strategic imperative for managing risk and achieving business value. Executed well, the WorldCC study confirms the mutual benefits that flow to both buyers and suppliers, from improved efficiency and cost savings, to innovation and competitive advantage.
Achieving these benefits at a consistent level is the exception, not the rule. Many organizations find themselves at a crossroads, struggling to move beyond transactional interactions to instead build meaningful, strategic partnerships with their suppliers. This disconnect stems from a variety of challenges, including internal resistance, lack of clear roles and responsibilities, and under-utilization of technologies that could facilitate deeper collaboration. Together, these factors undermine levels of trust, transparency and collaboration.
The report provides insights and actionable strategies to bridge the gap between theory and practice. One element of this is exploring the role that an effective SRM program plays as part of a broader relationship management capability.
As we navigate the complexities of modern supply chains, there is a critical need for strategic focus on relationship management, understanding and executing on ‘the things that matter’. This report contains valuable insight to why today’s contracts and relationships so often under-perform – and highlights what is needed to improve.
If you need advance information on the report, please get in touch with afernandez@worldcc.com