Collaboration is key
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As such , procurement should treat supplier engagement and selection as an opportunity to foster innovation , incentivising suppliers who are willing to work with you to solve problems together and create new products and services that can help the end user .
By collaborating with key suppliers to discuss the manufacturability of early design concepts , organisations can build design revisions and assess supplier capabilities , all while keeping a close eye on the projected bill of material .
Collaboration is key
Taking a data-driven approach to procurement can also help manage suppliers effectively throughout the course of the relationship , utilising insights to ensure firms can get maximum value from these relationships . Organisations can do this by constantly assessing the supply chain against a myriad of factors from fluctuating costs to regional risks , identifying key areas where both parties can work together to innovate quickly and solve problems .
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