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The process of identifying and qualifying potential suppliers based on factors such as cost, quality, reliability, and service.

Assessment of suppliers' performance in terms of delivery, quality, cost, and responsiveness to understand their capabilities and areas for improvement.

Investing in suppliers to improve their performance and capabilities through training, support, and joint development activities.

The process of identifying, assessing, managing, and mitigating potential risks presented by suppliers.

Incorporating suppliers into a company's internal processes to create a more synchronized supply chain for better efficiency and collaboration.

The strategy of sourcing from multiple suppliers to reduce dependency on any single supplier and mitigate supply chain vulnerabilities.

A formal process to recognize suppliers who meet or exceed the organizational standards and requirements.

The art of reaching a mutual agreement on the terms of the contract, pricing, delivery, and other key aspects of the supplier relationship.

Quantitative measures to evaluate and monitor supplier performance such as lead time, defect rates, and on-time delivery percentage.

A strategic approach to managing the organization's interactions with its suppliers, aiming to develop mutually beneficial relationships.

A long-term procurement process that continually improves and re-evaluates the purchasing activities of a company.

The comprehensive assessment of the direct and indirect costs related to the purchase of any goods or services from a supplier.

The process of bringing a new supplier into the organization's approved supplier list and ensuring they understand the company's processes and requirements.

Formal investigations conducted to verify whether a supplier's operations comply with contractual agreements and industry standards.

The management of all aspects of the contractual agreements made with suppliers, including the creation, execution, and analysis to maximize operational and financial performance.

A strategy where key suppliers are involved early in the product design process, resulting in cost savings and innovation.

Reducing the number of different suppliers to lower costs and simplify the procurement process.

Collaborating with suppliers to implement processes that allow for ongoing improvements to products, services, or business practices.

A tool used to track and report on the performance of suppliers across various dimensions such as quality, delivery accuracy, and responsiveness.

Encouraging and working with suppliers to adopt environmentally friendly and socially responsible practices.

Plans and procedures for transitioning away from a supplier when necessary, while minimizing disruptions to the supply chain.

An approach that segments suppliers based on the categories of goods and services provided, aiming for strategic procurement and optimized supplier relationships.

Leveraging suppliers' knowledge and capabilities to drive innovation within the company's own products and services.

Working collaboratively with suppliers to create detailed business plans that align with both parties' strategic goals.