Defining Your Solution Approach: Supplier Management 101 (Part 3) [Plus+]

supplier management BillionPhotos.com/Adobe Stock

In Part 1 of this series, we introduced supplier management from a process and methodology standpoint before mapping it to various solution areas that are out in the marketplace. Supplier management often is called SLM because of its lifecycle focus, which spans initial analysis (analysis and opportunity identification), planning (sourcing), negotiation (contract management) and execution (performance), and closes the process loop by leading back to the analysis phase of the strategic sourcing cycle as a result of future opportunity identification. Third-party management (3PM), which deals with non-suppliers that are also critical to your organization — such as government agencies, third-party logistics, partners and (media) agencies — is simply the application of the appropriate finely-tuned subset of supplier management capabilities to the third party that needs to be managed for organizational success. And, of course, you also need good supplier information. In this installment we cover what is in scope from a process and information standpoint before mapping to solution categories that are available in the market.

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