If you haven't already heard, Source One - a leader in procurement and strategic sourcing - is celebrating its 25th anniversary. To commemorate this milestone and the myriad smaller milestones we've passed along the way, we've spent the last few weeks sharing our advice for excellence in the field. Today, we conclude with some practices to avoid when managing supplier relationships and executing strategic sourcing initiatives.
21. Don't Forget to Stay in Touch
Even a vendor that doesn't ultimately win your business can make for a valuable contact later on. Keeping lines of communication open is a great way to bolster your market intelligence and potentially discover new opportunities down the road.
22. Don't Settle for a Handshake
Never forget that the convenience of a so-called 'Gentleman's Agreement' could lead to a world of inconvenience later on. If conflicts or confusion arise, you'll be glad to have the irrefutable evidence provided by official documentation
23. Don't Get Sentimental
Stay neutral by priding statistics over sentimental feelings. Put your faith in analytical tools and digital data even if that means rethinking your current supplier relationships and moving in new directions altogether. Renewing ongoing contracts 'just because' might seem convenient, but it can lead to wild inefficiency becoming habit.
24. Don't Skim
Written policies and documents should never, ever be skimmed over. It's essential that both parties in any agreement are fully aware of what exactly they're agreeing to. Plus, offering your full time and attention is just the respectful thing to do. Perhaps nothing is more important for building and maintaining business relationships than mutual respect.
25. Don't Miss the Big Picture
Even in strategic sourcing, savings aren't everything. Establishing solid and stable relationships throughout your supply chain can have soft-cost benefits that ultimately prove far more meaningful than dollars alone.
Source One's team of cost reduction experts boast decades of experience and unparalleled access to real-time market intelligence. Don't let these tips speak for themselves. Contact us today and see what 25 years as a premier provider of procurement and strategic sourcing services really looks like.