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Supplier Management : How It Benefits Your Business

Supplier management is the core of a successful procurement strategy. Many big organisations make the mistake of assuming that supplier management is a seamless process which doesn’t require too much effort or planning. On both accounts, this doesn’t hold true. Supplier management companies in Delhi and procurement agencies in India concentrate on the core processes of your business and thereafter bridge the gaps between input and output.

Every process needs to be measured in an effort to understand its effectiveness. If a process isn’t functioning at its optimum, it’s doing more harm than good. Now, in respect to supplier performance, it can be measured both qualitatively and quantitatively. The measure differ from organization to organization but broadly are the same as – on time delivery, quality, price and cost. For a professional procurement agency, this is an inbuilt part of the analysis and report generation process, however it is essential to analyse, investigate and hence act upon the findings.

Expert advice

Procurement experts offer strategic advice and help you with all problems relating to sourcing, vendors and market intelligence. It is crucial to constantly analyse how and if suppliers can resolve problems, what is the kind and extend of support they provide and how much focus is given on new product development. Suppliers who understand the need of your business and fulfil it accordingly should be among your top preferences, though market research should be an integral part of your primary process.

Treat your suppliers differently

Suppliers are all different and it is essential for the procurement team to apply well-defined principles to ensure a strategic process is implemented for an efficient framework. Typically 20% of your suppliers constitute 80% of your indirect spends and it is vital to conduct periodic checks on your business. It will also greatly help your cause, if the suppliers you work with constantly device new plans to ensure the most cost effective processes for your organization.

For any business, new or established, the process of procurement is the most essential and should be enhanced at every opportunity. Be it a new market intelligence gathering strategy or a new set of products for which the organization needs suppliers – research, investigation and implementation is the appropriate way to proceed.

If you’d like to understand more about supplier management, procurement or source to pay, you can get in touch with our experts at info@vpurchase4u.com or visit www.vpurchase4u.com.

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