Why is supplier management important?
For companies in products/services delivery business, success depends on the ability to acquire, retain and effectively work with suppliers to meet customer needs and expectations for quality products and their delivery.
But as supply chains have become global networks of networks, supplier management processes have grown increasingly complex, time-consuming and costly. A strong dependence on manual processes, as well as double entry of digital events and form filling has exacerbated these challenges, slowing execution, hindering agility.
These difficulties are greatly compounded by turbulent times. Recent events have spotlighted the critical importance of the ongoing relationships between a company and its suppliers partnership, highlighting how essential those relationships are to maintaining agility, resiliency, and sustainable supply chain.
Supply chain leaders have responded to these challenges by increasing their commitment to digitizing and modernizing supplier management processes. The numerous benefits include enhanced supplier verification, improved onboarding and stronger lifecycle tracking. Result: more effective supply chain relationship management.
