May 21st is International Diversity Day, as such we wanted to reflect on the importance of supplier and spend diversity, and how diversifying your supplier portfolio is both ethically and financially a sound strategy. It is no secret this is an impactful and strategic value-driver but it is often hard to speak to exactly why or what benefits an enterprise can take advantage of by purchasing in this way. We leaned on the experts at procurious to help us elaborate on this specific topic through a recent article they published.
Maintaining relationships with multiple vendors can be tricky, especially when you have different vendors servicing different locations. There are several key benefits to consolidating your suppliers that will make purchasing less complex.
Most companies say that measuring supplier performance is critical or at least highly important to success. Enterprises simply aren't sustainable without competent, dependable suppliers.
Supplier performance stems from successful relationships. And those relationships develop through effective communication, in addition to well-defined supplier contract agreements.