PROCUREMENT “ An effective supplier relationship management is one that is bi-directional and mutually beneficial to both parties ”
AMBESHWAR NATH VP & REGIONAL HEAD , CONSUMER , RETAIL & LOGISTICS – EUROPE , INFOSYS
Nath says that business often “ underestimate the power ” of their vendors , and their abilities the help an organisation . “ Toyota is one of the pioneers in driving collaboration between vendors ,” he adds . " They have maintained close relationships with their key suppliers for over decades reaping significant benefits ,” he says . “ Establishing a long-term culture with topto-top , regular , two-way communication has ensured that Toyota has reaped continuous benefits on both cost-savings and product innovations .”
“ A healthy relationship with suppliers also has an added advantage that it lets you increase the value of your business ,” Nath adds . “ The better the bond between you and your supplier , the more benefits , preferential pricing and dedicated treatment you can get from them . This allows the supply chain of your business to become more efficient , cost effective and dynamic .”
supplychaindigital
. com 53