Supplier Management: Begin with the Basics (Yes - You Really Need to Do This)
- Published on October 24, 2012
- Written by Mike McClain, Senior Web Designer & Site Manager
There are three key components of supplier management: contract management, risk management, and performance measurement. Through these key supplier management activities, procurement organizations can successfully reap the rewards of strategic cost management and procurement operational excellence. Effective supplier management requires data, analytics, well-defined service-level agreements (SLAs), performance measurement, industry and/or category expertise and open and transparent relationships.
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