SRM is a holistic approach to supplier management which aims to elevate the management of outsourcers and suppliers to a partnership that seeks a more in-depth understanding. This approach results in innovative ways to enhance the value gained by both supplier and customer.
Forging close working relationships between parties
For SRM to be successful, it is vital that all levels of the organisation work together with the same objectives for the relationship. To achieve this, Retonomy puts in place a meeting and communication structure that links the right people to enable a consistent and effective collaboration throughout the partnership.
Understanding the supplier’s goals
We take the time to work with the suppliers’ management team to discover what they want to achieve from the partnership. For some, it is purely about maximising the revenue from the contract; others aspire to grow their share of the supply portfolio, to gain investment for innovation, or have the customer become a reference site. Whatever the goals, having a clear picture of these is essential to achieve the common targets.
One version of the truth
Something we often see is a frustration at the misaligned reporting expectations. Whether it is frequency, detail or accuracy, discrepancies in management information can create the suspicion that all is not what it seems. It also prevents accurate service assessment and the success of any ongoing innovation or improvement plans.
We work with both parties to create relevant, detailed reporting that is capable of being consistently produced on a regular basis.
While this is about creating a partnership, it is important not to lose focus of the supplier / customer relationship. We advise our customers to be open to understanding their supplier’s needs and goals as a business, but we also ensure that the supplier does not lose perspective of its obligations.
To understand more about how Retonomy can help take your supplier relationships to a new level, contact us here.