So, what is supplier relationship management and why would it be important to my business?
You’ve probably noticed there is a lot of talk on our website about supplier relationship management. We may sometimes use “vendor relationship management” and you may also see “supply chain relationship management”, but this all falls under the overarching umbrella of supply chain management.
At The Biokive Consultancy Group, we began transitioning into this space to expand upon a little over 14 years of account management experience, where enhancing customer relationships to improve business growth, from a supplier or vendor’s perspective, was the main goal. The intent and purpose of The Biokive is to now focus on business growth from the customer’s perspective. We do this by helping companies strengthen the health of their supplier relationships.
This brings us to the meaning of supplier relationship management and how it can help.
Supplier relationship management (SRM for short), is a comprehensive approach to managing the interactions a company has with entities that provide the products and services used. Organizations use SRM to make the operations that connect them to their suppliers more efficient.
Sounds simple, right?
While the concept is simple, the implementation and commitment to SRM requires a comprehensive approach, as mentioned earlier. Suppliers are involved in many aspects of a company’s operations and in order to achieve consistent, scalable business growth it requires careful planning on the part of the organization. This is because, your goal is to uncover the value each supplier brings to the table and then determine which of those suppliers are more vital to business success.
By having this insight into supplier contributions, which will be different for each supplier, companies can then begin to shape and have a better handle of business trajectory and overall growth.
At The Biokive Consultancy Group, we help companies do this via a hands-on approach to supplier relationship management. This allows us to cater to the current business needs of small and mid-sized companies who fall anywhere between post-ideation (validation of the business idea) all the way up to scale-up and commercialization and need assistance with supplier identification, selection, and short and long-term management of their suppliers.
If this is of interest to you, feel free to contact us here or at info@biokive.com for more information.