A Different Sort of Influence: 16 Areas Where Supplier Management Can Help Engage Your Stakeholders Strategically (Part 1) [Plus+]

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Supplier management is too often an afterthought in the eyes of procurement and its stakeholders. Yes, it’s important to collect supplier qualification information through the sourcing and onboarding process, and then also monitor the suppliers against their contracts to get what you paid for and to reduce supply risk. But shouldn’t there be more to supplier management?

Progressive organizations are beginning to use supplier management (and third-party management more broadly) as a better overall governance structure for how to best externalize the enterprise. This is especially true as supply markets get digitized (and disrupted) and supplier innovation can be brought to bear beyond cost/spend savings.

“Innovation management” is indeed one of the areas where a supplier management approach can help procurement influence stakeholders, but there are 15 other ways, as well. Having a broader palette of value creation (for which we’ll discuss six major value streams) will not only help improve spend influence but also improve the quality of influence to help elevate procurement’s value proposition.

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