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Supplier Relationship Management
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Supplier Development
Investing in suppliers to improve their performance and capabilities through training, support, and joint development activities.
Supplier Evaluation
Assessment of suppliers' performance in terms of delivery, quality, cost, and responsiveness to understand their capabilities and areas for improvement.
Early Supplier Involvement (ESI)
A strategy where key suppliers are involved early in the product design process, resulting in cost savings and innovation.
Supplier Diversification
The strategy of sourcing from multiple suppliers to reduce dependency on any single supplier and mitigate supply chain vulnerabilities.
Category Management
An approach that segments suppliers based on the categories of goods and services provided, aiming for strategic procurement and optimized supplier relationships.
Joint Business Planning with Suppliers
Working collaboratively with suppliers to create detailed business plans that align with both parties' strategic goals.
Total Cost of Ownership (TCO)
The comprehensive assessment of the direct and indirect costs related to the purchase of any goods or services from a supplier.
Strategic Sourcing
A long-term procurement process that continually improves and re-evaluates the purchasing activities of a company.
Supplier Consolidation
Reducing the number of different suppliers to lower costs and simplify the procurement process.
Supplier Selection Criteria
The process of identifying and qualifying potential suppliers based on factors such as cost, quality, reliability, and service.
Supplier Certification
A formal process to recognize suppliers who meet or exceed the organizational standards and requirements.
Supplier Performance Metrics
Quantitative measures to evaluate and monitor supplier performance such as lead time, defect rates, and on-time delivery percentage.
Supplier Relationship Management (SRM)
A strategic approach to managing the organization's interactions with its suppliers, aiming to develop mutually beneficial relationships.
Supplier Onboarding
The process of bringing a new supplier into the organization's approved supplier list and ensuring they understand the company's processes and requirements.
Supplier Exit Strategies
Plans and procedures for transitioning away from a supplier when necessary, while minimizing disruptions to the supply chain.
Supplier Innovation Contribution
Leveraging suppliers' knowledge and capabilities to drive innovation within the company's own products and services.
Continuous Improvement with Suppliers
Collaborating with suppliers to implement processes that allow for ongoing improvements to products, services, or business practices.
Supplier Integration
Incorporating suppliers into a company's internal processes to create a more synchronized supply chain for better efficiency and collaboration.
Supplier Negotiation
The art of reaching a mutual agreement on the terms of the contract, pricing, delivery, and other key aspects of the supplier relationship.
Supplier Contract Management
The management of all aspects of the contractual agreements made with suppliers, including the creation, execution, and analysis to maximize operational and financial performance.
Sustainable Supplier Practices
Encouraging and working with suppliers to adopt environmentally friendly and socially responsible practices.
Supplier Risk Management
The process of identifying, assessing, managing, and mitigating potential risks presented by suppliers.
Supplier Audits
Formal investigations conducted to verify whether a supplier's operations comply with contractual agreements and industry standards.
Supplier Scorecard
A tool used to track and report on the performance of suppliers across various dimensions such as quality, delivery accuracy, and responsiveness.
Supplier Confidentiality Agreements
Legal contracts that outline the confidential information that a supplier is entrusted with and must not disclose to third parties.
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