A Supplier acts as an intermediary between a business and various manufacturers, sourcing the best options, price, and quality of goods while ensuring compliance with local laws and equitable transactions. “Supplier relationship management” refers to the process of managing the relationships with all the suppliers that a business uses. Effective management reduces costs, fosters innovation and collaboration, and improves operations. Best practices include building lasting relationships, investing in technology (software), paying on time, streamlining agreements for all suppliers, and evaluating risks before onboarding new suppliers (stability, consistency, delivery times, quality).
