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The message from the article is quite clear, that as enterprises keep changing and developing. The same should be also experienced in the procurement and supply section of the business. This is because it has to engage more and more with its stakeholders to ensure the best performance. The major key relationship that procurement has is with its supplier base. Good supplier management maybe a good and engaging process that satisfies all the stakeholders.
In a close consideration of the four pillars such as supplier identification. Where the procurement department has to do good research on different suppliers to find the highest rated supplier for their sourcing needs. The supplier information management, where the procurement departments can create centralized and standardized supplier information, to make a single entity that all the stakeholders can refer to when moving forward. The supplier risk management and finally the supplier performance management. This can ensure unlimited success and stream greater value thought the sourcing process.
The world is becoming a much smaller place with globalization and the internet, where people can easily connect just by mouse and keyboard. Businesses too can transact online, though this has exposed their supply risk into more dangers every year. Therefore the business should assign a team to manage the supply risk program. A team that has different experts and experiences that can easily address any unique risks to the supply. Secondly, an establishment of an up to date supply risk identification and assessment process that includes identifying all the relevant risks that may occur to the enterprise.
The procurement department should set up supplier performance scorecards and survey that gives a track of their performance. This enables stakeholders to benchmark their suppliers based on their performance. The procurement should also implement alert triggers and warn their suppliers in case their performance starts going down. Lastly, the best supplier performance management practices is by perfectly engaging with the suppliers and all the stakeholders on what the evaluation process entails. This ensures that all parties are well prepared and none is caught by surprise.
Internet and globalization being the most growing and latest emerging trends in all the business sectors. And with me being a professional coder and web designer. I would like to set up a program that would protect all players when transacting business on an online platform. Where a third party is involved who ensures that all the players are satisfied to complete the business. This would reduce the risks associated with online transactions and therefore reducing online fraud and conmanship.
There should be an effective supplier segmentation and relevant supplier-specific strategies. This is where the business segment the suppliers based on their business impact and supply market complexity. This mode of segmentation can better be optimized for an effective supplier management relationship program.
There should be the development of a clear governance model for most strategic suppliers. This would help the procurement to track a relationship from the beginning. Strategic suppliers usually require a lot of monitoring and governance.
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