Whether you are an ecommerce retailer or a regular stockist, supplier relationship management should hover near the top of your Must-Dos list. According to recent reports by Efficio Consulting and PricewaterhouseCoopers, very few companies are successfully implementing supplier relationship management.
This is a little alarming because a solid supplier relationship can have long-term benefits for businesses.
Finding reliable suppliers isn’t easy. Since they play a critical role in your business, it’s only right to treat them as a partner. The kind of relationship you have with suppliers can affect sales and determine the growth of your organization. You pretty much depend on them for your bank statement.
Here are some reasons why you should work on improving supplier relationship:
Renders You Competitive Edge
There are several ways to get ahead of your competition – offer more competitive prices on your products, provide higher quality items and render more reliable customer support. Guess who can help you accomplish these?
Supplier relationship management allows for planning and carrying out of strategic plans between both parties. You can benefit from your suppliers’ expertise because they can work with you in identifying key areas that need improvement, contribute towards product development, and modify current strategies to draw sales and increase market share.
High Quality Products Delivered On Time
A great relationship with suppliers will ensure that products delivered to you are top notch and shipped way ahead of schedule.