Summary
I took a course on the topic supplier relationships and had a lot of experience. The primary areas covered under the topic were the supplier relationship management (SRM). SRM is the systematic assessment of the overall business strategies by determining what the kind of activities to engage in with different suppliers and how to maintain a good relationship with the suppliers for the success of the business. The purpose of the supplier relationship management is to develop a two-way mutual benefit interaction with the suppliers to deliver higher levels of creativity and creation of a competitive advantage. The discussion covers the organizational structure that must be set to facilitate efficient supplier relationship management. In the structure is a set of hierarchy and communication channels that will ensure proper communication with the supplier.
The course also discussed the use of technology and new technological advancement in the supplier relationship and supplier management. The supplier technological solutions can be used to track and monitor the performance of the supplier by observing the data sites. The use of technology in supplier management can be useful in ascertaining that it achieves quick and timely communication with the suppliers for fast delivery of materials. Technology improves the speed of connection with the suppliers, ensuring that there is always contact and rapid exchange of documents. Also, the supplier performance was discussed in the topic. Here, the points of concern are how to measure the performance of the supplier. People can determine the supplier performance by the ability of a given supplier to deliver what is in the contract on time as agreed.
Delegate your assignment to our experts and they will do the rest.
Meaningful Ideas. In the materials, I found some of the ideas essential and worth highlighting. The first thought I noticed good was the use of technology in the supplier relationship management. With the increasing rate of technology growth, businesses face challenges to adapt to the changing technologies to enable them to compete in the technologically advancing business world. This idea of using technology in supplier relationship management is essential in ascertaining that the business remains technically oriented. With this, the company will stay competitive by creating a better relationship with its suppliers. It was worth noting from the materials that the success of a business heavily depends on the kind of the suppliers the business chooses.
Another idea I found worthy in the discussion is the need to measure the performance of the suppliers. It is quite significant to identify which suppliers to drop and which ones to continue working within the business process. I found it interesting and worthy to note that to measure the performance of the suppliers I require adhering to the rules of the contract by delivering what is in agreement.
Personal Connecting . The topic was a significant learning opportunity for me. I acquired a critical knowledge and experience that is useful to me not only in the current but also the future business career. I got relevant skills on how to interact with the suppliers when managing a business. The skills acquired are also useful ensuring a good relationship with the suppliers as well as understanding the supplier selection criteria. I now know how to identify a performing supplier who I should retain and drop a non-performing supplier. The topic reminded me of the days I was managing a hotel business belonging to my father. At the time, I had not acquired this vital knowledge on supplier relationships. I can recall the supplier of the vegetables at the hotel could delay for up to five hours, leading to disruption of the whole business process. Having obtained this knowledge, I now know how to handle suppliers to ensure efficient business flow.
Changes . From the topic, I discovered two SMART that someone could use in evaluating the suppliers. The first is measurable; that is measuring the performance of the suppliers by examining their costs and the ability to meet deadlines. A reliable supplier should offer a standard price for the supply, deliver quality materials and deliver the documents in time. The second change I learned is achievable. It deals with evaluating the supplier's ability to meet expectations. Individuals can review the experience of the supplier by looking at their past supplies; how the supplier charges the materials, ability to deliver on time and the quality of the suppliers.
