Finding suppliers that check all of the boxes on paper is imperative, but that's only the first step in establishing strategic supplier relationships. These are the types of partnerships that will align with your company's supplier improvement strategies. However, they only develop if you take the time to make sure they function for all parties involved.
This is why managing supplier relationships is a gradual process of nuanced relationship development and maintenance.
Myths pervade our existence. Some people think you need to drink eight glasses of water every day. But in reality, you should just drink when you’re thirsty. Others think that if you shave your hair, it will grow back thicker and darker. Nope, that’s not actually something that happens.
The point is, when you fall victim to a myth, you might find yourself making some questionable decisions.
“There is a new technological institution that will fundamentally change how we exchange value,” says Bettina Warburg during her Ted Talk on blockchain and it’s growing importance in trade and the economy. Blockchain is the latest way we as a society are trying to lower uncertainty about one another so that we can exchange value. As we’ve evolved throughout history, we’ve built formal institutions like banks, governments, and corporations, all to facilitate trade with confidence. Blockchain is the next generation of enabling trade with increased levels of assurance.
The moon landing never happened. Lightning never strikes the same place twice. Pigeons blow up if you feed them uncooked rice. As you can see, unsupported, and at times ridiculous, myths are all around us. The world of supply chain management is no different according to Bill DeMartino, General Manager of North America at riskmethods. This was driven home during a recent webinar entitled, “Five Common Misconceptions in Supply Chain Risk Management.”
Prime Advantage, an OMNIA Partner, and riskmethods recently collaborated on a webinar for Prime Advantage Members highlighting some of the biggest threats in supply chain management today. The session was hosted by Bill DeMartino, General Manager of North America for riskmethods. A variety of topics were covered, including supply chain management myths, challenges, and solutions.
At the recent Prime Advantage Spring Conference, supply chain expert Dr. Russell Morey held a professional development session tackling the current issues in purchasing and supply chain management. According to Dr. Morey, the skill set required to be successful in this arena is changing. More than ever before, a premium is being placed on analytical, negotiation, and conceptual skills. Procurement professionals need to be adept at understanding costs, navigating supplier relations, and have a firm grasp on domestic and global markets.
Prime Advantage, an OMNIA Partner, has invited industry experts to share their insights on the present and future of manufacturing success. In this post, Chad Smith of Demand Driven Institute discusses the new approaches that must be implemented for supply chain management success in today’s marketplace.
At the Prime Advantage Fall 2016 Conference, professor Steven A. Melnyk of Michigan State University presented on the new type of leader required for the supply chain of the future. According to Melnyk, today’s supply chain is a result of investments made in the past. However, tomorrow’s supply chain will be a result of investments made today. And to make sound investments, we must be able to improve on our ability to forecast and project.
Prime Advantage, an OMNIA Partner, has invited industry experts to share their insights on the present and future of manufacturing success. In this post, Chad Smith of Demand Driven Institute discusses the new approaches that must be implemented for supply chain management success in today’s marketplace.
Conventional management practices have tremendous amounts of inertia driven by software, consulting, accounting and academic experts. Many of these practices trace their origins back to the 1930s and 1950s. Yet the world looks nothing like it did at that time. The changing global and industrial landscape is forcing companies to behave differently. But at almost every level of larger enterprises, doing what truly makes sense proves to be nearly impossible and/or career limiting. Why?
