A question to ask yourself: Why don’t we know as much about our suppliers as we know about our customers?
Holistic supplier management requires procurement teams to look at the value associated with suppliers from every angle, similar to how organizations leverage customer relationship management (CRM) to achieve a 360 degree view of their customers. For procurement teams, this includes savings and risk mitigation, but also contributions to competitive advantage, Environmental, Social, and Governance (ESG) initiatives, and multi-tier visibility.
When organizations successfully collaborate with their suppliers, both parties benefit. Expanding your approaches to supplier management will enable your procurement teams to position the whole organization to become more competitive, agile, and risk resilient.
In this report, Art of Procurement identifies three of the most common hurdles to achieving the vision of holistic supplier management and discusses potential solutions as well as the ROI that may accompany success.