It’s no secret that an organized and collaborative organization is one that often sees success. When all the cogs in the machine are oiled up and operating smoothly, it’s easier to overcome adversity and disruption. But, finding that cohesive success isn’t simple. It takes a concentrated effort from your leaders and teams to create a structure that facilitates and promotes collaboration. But, the ROI of investing in collaboration leads to stronger, more productive supplier relationships.
Every relationship is built on seeking value for both parties. And, business relationships are just the same. Both you and your supplier want to profit from working together, and the easiest way to achieve that is by working together in a positive manner.
The relationship you have with your suppliers can directly benefit the efficiency and productivity of your supply chain. It goes beyond simply setting up the relationship. You need to continuously manage and invest in your relationships to watch them flourish to see the best results.
A strong supplier relationship will bring about many positive outcomes. One such outcome is a reduction in costs. When you invest time and resources into maintaining a working relationship with your existing suppliers, you can save money on sourcing, onboarding, and negotiations.
Additionally, a well-managed supplier relationship is highly efficient. The more you invest in your partnerships, the more structurally sound they will become. Over time you’ll notice that communications improve, and your goals will align more closely.
Bonus Material: Our step-by-step checklist helps you determine the right approach for handling supplier relationships.
When it comes down to it, a positive supplier relationship isn’t possible without working together. Both parties need to collaborate on their intended goals. The good news is that with the right digital platform, collaboration can easily be woven into your existing processes. Below are a few examples of the benefits of creating a collaborative supply chain model.
Ensure quality and safety standards — all companies are focused on delivering safe, high-quality products or services to their customers. Having a highly collaborative supply chain partner gives you an extra safety net when checking product quality and safety. Additionally, a strong supplier relationship is one you can lean on for support during troubles and disruption. This means you’ll more easily be able to overcome challenges you encounter.
Reduce costs — as with any new relationship, finding new suppliers comes with significant setup costs. By investing in a collaborative and mutually beneficial relationship, you can increase the likelihood of retaining your suppliers, cutting back on costs. Additionally, a strong supplier relationship reduces the chances of problems, delays, and quality issues.
Improve operations - when you’ve had an established partnership for a while, there is a free flow of feedback, criticisms, and new ideas. This flow of communication helps to foster a streamlined supply chain that positively impacts people at every level.
Tradeshift isn’t just a software-as-a-service, B2B Marketplace, or Fintech solution; we’re all of those wrapped up into one. Our comprehensive solution is built to support your organization where it needs it most and is built to adapt alongside your growing team.
Our B2B Marketplace focuses on offering you the digital tools and support you need to take your business to the next level. Our advanced platform strives to make digital the default for all aspects of your business: from ordering and invoices to supplier communications and collaboration.
At Tradeshift, we put your relationships first. Our platform fosters transparent and clear communication with existing and potential new suppliers, enabling you to build a global network and maintain strong personal connections with your partners. With all your communications stored in one centralized area, all involved parties can easily access archives and stay updated on the latest information.
The best part? Our tools integrate seamlessly. Tradeshift focuses on digitizing your supply chain and business operations to create a more resilient, advanced business process. So, we know that you likely are using multiple tools and platforms to support your everyday operations. That’s why we’ve worked to ensure all our solutions integrate easily with your existing technology suite. Our digital tools all work together to help you create a comprehensive, resilient, digital supply chain.
In 2021, digital tools and technologies are making it easier than ever to connect with and collaborate with suppliers, regardless of location. By embracing a digital-first mindset towards supplier relationship management, you can find a strategy that not only supports your specific supply chain needs but also increases your profit margin. Now’s the time to start investing in a strong supplier relationship management strategy. With support from Tradeshift, you can emphasize creating a collaborative process built to generate real value for you and your partners.
To learn more about how Tradeshift can assist with your supplier relationship management, reach out to one of our experts or sign up for a free demo now.