Few things can determine a procurement executive’s performance more than relationships with suppliers. The supply base is more than just a collection of vendors that provide parts and materials. Suppliers are also among the principal sources of innovation for companies. They can suggest or help implement new product ideas. They also can provide market insight and intelligence, ideas for cost savings, and, in general, provide a company a competitive advantage. Not every supplier can do those things, of course, but those who can are truly procurement’s partners.

But, whether they become true partners and live up to their potential is entirely dependent on how procurement manages them. Supplier relationship management begins with identifying and recruiting the right suppliers and extends through nurturing them, sharing strategic goals with them, and making them feel like part of the team. And, of course, it includes working with them on cost control.

In this special Thought Leaders panel, we will discuss all these aspects of supplier relationship management. Among areas we will explore:

1. Identifying suppliers’ potential
2. Determining the right supplier mix
3. Encouraging them to be innovative
4. Working with them on cost control
5. And how to be the customer of choice for your best suppliers

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