What is supplier management in procurement?
In procurement, supplier management refers to the umbrella of processes involved in managing relationships with suppliers to ensure the organization's needs for goods and services are met efficiently and in a cost-effective manner. It involves identifying and sourcing suitable suppliers, negotiating contracts, monitoring performance, and improving supplier relationships. How can businesses excel in a competitive marketplace?
Businesses need to have a holistic view of the ever-changing market they thrive in. To gain a competitive advantage over others, they need to be aware of the latest market trends, developments and customer expectations. The process of market monitoring makes this possible.