There’s no denying the importance of buyer seller relationship and they impacts your ability to succeed. A poor relationship with your business partners can lead to miscommunication, roadblocks, delays in your processes, and increased costs. The need to invest in your business relationships is clear, but how do you start? Below we highlight 3 simple things you can focus on to create a more resilient and valuable relationship with your buyers and sellers.
When it comes to your buyer and seller relationships, communication and trust are the keys to success. Without a solid foundation to build upon, you run the risk of opening your supply chains to potential problems. Start by fostering a culture of honest and open communication.
First, work together to define the entire supply chain process clearly. At any given time, you and your partners should be able to understand the expectations of conducting business together and know where the order is in the process. Next, communicate your expectations of your buyers or sellers clearly—by providing this transparent view of the supply chain cycle, you can determine whether a business relationship makes sense. Lastly, always evaluate your relationships’ effectiveness and try to identify problem areas you can tackle the next time you work together.
Bonus Material: Our Essential Guide to Supplier Relationship Management will help you ask the right questions and figure out the best approach for tackling supplier relationship management.
In the current market, digital tools and platforms are necessary to creating an efficient and effective business process. As global trade expands and more business is conducted virtually, having the support of a collaborative, digital platform helps supply chain professionals manage their buyer and seller relationships better.
How? Digital platforms allow you to more easily track and store data and essential information. With a centralized database, supply chain professionals can keep all their communication in one place and work to create a paperless, touchless order-to-pay cycle, reducing the amount of paperwork and time spent on invoicing.
Collaboration strategies are something many organizations are focusing on when it comes to their supply chains. In fact, 65% of respondents say that their organization is actively finding ways to enhance collaboration with suppliers. A robust and collaborative supply chain platform enables both parties to access information and insights at any point in time. Search for a solution that offers an easy-to-use communication interface so that you and your partners can work together instantly and prevent issues from becoming roadblocks.
No one wants to enter into a partnership that doesn’t add any value to their operations. Your buyer and seller relationships need to benefit both parties, and with the right tools and platforms in place, you can start to showcase the value of your relationship from day one. With Tradeshift Engage, you can create a customized, adaptive experience for each and every buyer and seller you use. Our personalized onboarding messages and enhanced analytics make for a great experience for your sellers and buyers. With the benefits of our B2B Tradeshift Network, your partners can see the value of doing business with you before you even start.
Open communication and collaborative tools will help you to better manage your seller and buyer relationships. As global trade evolves and supply chains become more complex, organizations need to rely on the support of their partners to create operational efficiencies. With the right strategies in place—and armed with the right tools—you can create processes that are resilient and lasting.
Tradeshift is helping organizations shift their processes to a digital format. Our B2B network enables you to find qualified buyers and sellers, create stronger relationships, and better track and manage spending and invoices. For more information, reach out to our team of experts and start making shift happen today.