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Topic: supplier management

Supplier Relationship Management: What It Is and How to Improve it?

Supplier relationship management is often referred to as the B2B equivalent of customer relationship management. We’ll define this crucial management concept and explain how you can implement and improve supplier relationship management to leverage business success. What is supplier relationship management? Supplier Relationship Management (S ... Read More

  March 29, 2021     

An Easy Guide to Purchase Order Terms and Conditions

The purpose of a purchase order Purchase orders are a crucial part of your purchasing processes. Purchase orders (PO) document the purchasing part of your inventory management system and are legally binding documents. Your procurement department or the person in charge of placing purchase orders issues a purchase order form or PO letter to a [&hell ... Read More

  January 26, 2021     

Key trends in the vitamin and supplement industry: 2021 report

The vitamin and supplement industry manufactures and sells goods to support dietary requirements, including products to complement health and fitness regimes. Typical firms will use nutraceutical software to support their own manufacturing, or to manage the process via contract manufacturers – handling purchasing, distribution, and sales and mark ... Read More

  January 19, 2021     

4 Best Practices for Addressing Underperforming Suppliers

Now you’ve identified underperforming suppliers. What’s next? It is important to hold suppliers and vendors accountable by directly addressing poor performance. How you do this though, is paramount. Building strong supplier relationships will benefit both sides. It’s better for your suppliers to acknowledge how important your business is to t ... Read More

  November 4, 2019     

A 3-Step Guide: Identifying Underperforming Suppliers

Properly tracking and evaluating supplier performance helps ensure smooth operations and profitability. This becomes extra important as you prepare to order stock in the lead up to the holiday season. If a supplier seems to always have an excuse, you’re not wrong in being sceptical if it’s a common occurrence and affects your business schedule. ... Read More

  October 31, 2019     

How to Identify Underperforming Suppliers and to Choose the Right Ones

Regardless of the industry you are in, managing your suppliers has benefits for your business. A successful company will embrace suppliers, viewing them as partners in helping to grow the businesses in a way that is mutually beneficial. They will have formal systems in place to track and evaluate supplier performance to ensure the smooth […] ... Read More

  October 22, 2019     

Managing Underperforming Suppliers: What You Need to Know

Supply chains are becoming progressively more complex as businesses rely on a large network of manufacturers, wholesalers, retailers and a growing portfolio of inventory stock varieties to meet consumer demand for more choice. Stocking goods in the right quantities to meet demand maximises inventory turnover rates and will ensure that goods move qu ... Read More

  October 10, 2019     

DIFOT: A Metric of Supplier Performance

Delivery In Full On Time, or DIFOT, is a metric used to analyse how accurate and efficient your supply chain is. Your supply chain is the very lifeblood of your business. Without it functioning correctly, your supplies may not arrive in the correct amount or the correct timeframe, severely compromising your ability to meet your […] ... Read More

  September 23, 2019     

How to Deal With Underperforming Suppliers

So, you’ve identified that some of your suppliers are underperforming. Whether it’s consistently late deliveries or delays in production, it’s time to manage what’s going on. Start talking more frequently Instead of waiting until your order is due into the workshop and finding out it hasn’t arrived, get in contact with the supplier sooner ... Read More

  September 13, 2019     

How to Tell if Your Suppliers are Underperforming

Not all suppliers are created equal: some are better at providing low-cost goods, while others are great at customisation. Some suppliers have optimised for fast-shipping times, and some suppliers focus on high-quality materials. Regardless of whether you make, manage or move products, suppliers are a vital part of your company’s success. Without ... Read More

  September 12, 2019     

How To Decrease Your Purchase Order Cycle Time

If you’re looking to make your business more efficient, you might need to revamp some processes. Of course, there are big processes in a business that take lots of time and effort to overhaul. Rather, how about spending some time focusing on some of the little processes such as reducing your purchase order cycle time. […] ... Read More

  September 6, 2019     

Two Ways You Can be in Control of Lead Time

Ensuring your business has enough stock on hand is a juggling act. Most businesses store inventory to ensure they have enough to meet a surge in customer demand. However, they run the risk of tying up capital in excess inventory. A better solution is to focus on reducing the lead time in your supply chain. […] ... Read More

  September 4, 2019     

4 Strategies to Improve Supply Chain Efficiency for Manufacturing Business Owners

Manufacturers typically perform planning, sourcing (finding suppliers), making (manufacturing), delivering and returns. Supply chain efficiency, therefore, is the measure of getting the right product to the right place at the right time — and at the least cost. Remember, efficiency is not the same as efficacy. Traditionally, supply chain manageme ... Read More

  February 18, 2019     

Building Effective Supplier Relationships

Your suppliers play a vital role in ensuring your businesses success, but this isn’t only because they provide you with vital goods and materials. Your suppliers offer much more if you seek out ways to build strong relationships with them. In this article we look at the benefits of building supplier relationships for your business. […] ... Read More

  August 9, 2018     

The Value of Supplier Relationship Management

Supplier relationship management, abbreviated as SRM, is essentially how your business engages with the vendors who supply your goods, services, and raw materials that make your business function. Having effective SRM in your business isn’t always easy. Every supplier operates slightly differently and provides something slightly different for you ... Read More

  August 8, 2018     

Why Your Business Should Invest in Supplier Relationship Management

Suppliers are as important as your clients and customers; without suppliers to handle shipping, inventory manufacturing and outsourced services, many businesses would struggle to keep up. Most businesses are increasingly focused on end-user satisfaction but make sure that your business is not overlooking its suppliers. Build strong, successful rela ... Read More

  August 1, 2018     

Choosing Between Local or International Suppliers

As industries increase in globalisation, establishing trading relationships with suppliers further and further afield, there is a concurrent and rather ironic push for consumers to support local entities and ‘shop small’. The idea of course is that sourcing products locally increases the likelihood that products are hand-made with attention to ... Read More

  February 5, 2018     

Deciphering the Benefits of Supplier Relationship Management

What is a supplier relationship management? Effectively, supplier relationship management (SRM) is a systematic, enterprise-wide process, analysing supplier’s assets and capabilities against the company’s business strategy. This process assesses and determines what activities a business wants to take part in with different suppliers. It allows ... Read More

  January 26, 2018     

6 Factors of Considering a New Supplier

The best suppliers will provide the most suitable goods or services at the right prices and within the right time frames for your business needs. Below we give you six factors you need to know when considering a new supplier. Finding a Supplier A great place to start is generally online. This is one of […] ... Read More

  December 16, 2017     

Managing Your Inventory Over the Holiday Season

Managing inventory is hard enough at any time within a normal business cycle. It becomes increasingly challenging over the holiday season when most retailers experience major peaks in demand for many goods and services. The holiday season is not only busy but often unpredictable and can really mess with your stock control. Unseasonable weather patt ... Read More

  December 15, 2017     

Feeding and Growing Your Supplier Relationship

PricewaterhouseCoopers have conducted research into supplier relationship management and have found that sadly, few companies do it well. Successful supplier relationship management (SRM) is an untapped source of opportunity which should be carefully considered and implemented for increased business success and smooth operations. Rarely are compani ... Read More

  November 24, 2017     

Obstacles and Opportunities for Beverage Industry

The beverage industry is highly competitive, which is why it is important to be efficient and stay up-to-date with nutritional trends and consumer tastes. Understanding the challenges and opportunities in both the industry and the market are important for any beverage manufacturer. Revenue in the beverage industry stems from the demand that is driv ... Read More

  November 22, 2017