Nearly all the corporates today, outsource manufacturing of their components, source it locally or in certain cases import. The stiff market competition demands a lean sourcing process and a healthy supply chain. A healthy supply chain requires a satisfied supplier base.Corporate buyers are aggressively hunting for key suppliers in support of streamlining their supply chain. Competition Suppliers are bagged, evaluated, trained and moulded in turn optimising their quality and price competitiveness in markets.
The dependence on the suppliers has increased to an extent where suppliers are called as “Partners”. In some of the instances Corporates still project it to be a buyer centric market, however, the scenario does not seem to be the same as of today.
Here and now, Suppliers have a choice, they dictate the terms of collaboration. Suppliers have a say, and they expect a commitment for their service. This changes the traditional paradigm of power inequality between the suppliers and the buyers.
Other than the large component manufacturers, small and medium scale suppliers will have limited capabilities, reach, and vision. These suppliers are vulnerable to markets and easy to be grabbed. Retaining committed suppliers with quality output will be an equally important task for the buyers then looking for new suppliers. This current shift from Buyer Centric market to Supplier Centric market has changed the buyer-supplier relationship.
Suppliers’ satisfaction with their buyers is seldomly researched by Corporates. One of the initiatives buyers can take to retain their suppliers is to measure their Supplier Satisfaction and gauge if suppliers are committed and enjoying the partnership. Corporates can have defined metrics of individual supplier satisfaction scale and benchmark their performance with best in class. Creating a correlation index between supplier satisfaction and their customer satisfaction will define the health of the organisation. Buyers may want to design a Supplier Relationship Management (SRM) tool, which should strengthen the buyer-supplier bond.Retaining existing Supplier will be highly profitable than finding new ones.
Our company BPMBC, specializes in measuring supplier satisfaction. We have been working in this domain for over 12 years now. We work with top-notch companies to help them with their Supplier Relationship Management and Satisfaction Surveys.We have developed a customised model industry-wise to measure Supplier Satisfaction. The deliverable of such a Survey will help Corporates devise incisive supplier-oriented strategies for creating more satisfied suppliers. This model will assist creating a yearlong supplier relationship management action plan and finally facilitate bettering the buyer-supplier relationship.
Kaustubh Pingale, Email me : kpingale@bpmbc.com, for more information on our Company please visit : www.bpmbc.com
Comments