Managing Supplier Relationships: Taking the long view
Episode #221 // Times are tough. Inflation is on the rise, input costs are escalating, and organizations are tightening their belts. And it won’t be long before companies start to squeeze their suppliers in an attempt to find further cost reductions.
Unfortunately, your suppliers are facing exactly the same pressures as you. So how do you make sure that you’re getting the best deal possible from your suppliers, without putting them at risk too?
In this episode, I look at what makes a good contract (and it’s not always the cheapest). I show you some ways to extract value, other than just the blunt instrument of price reductions. And I let you in on a critical concept: the illusion of risk transfer.
You’ll learn how to go beyond the procurement process to extract maximum value from your suppliers in tough times.
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