Exclusive Events Project Managment

Project Management is an essential skill-set for many careers. Exclusive Events Project Management is an ideal revising course and starting point to manage projects in your specific career. 

Exclusive Events Project Management Module 2 - Part 2

The Supplier Relationship Management (SRM) Process

Successful Supplier Relationship Management have four major components: methodology, collaboration and supply chain synchronization, technology processes, and measurement and rewards. Each of these have their own components that total 10 overall as outlined below:

Supplier Relationship Methodology

1. Partnering with suppliers and integrating supplier relationship methodology into strategic sourcing initiatives improves supply chain effectiveness and customer service.

2. Effective SRM aligns with corporate goals.

3. Supplier relationship initiatives must be recognized and supported by the entire organization.

Collaboration and Synchronization of Supply Chain

4. Strategic relationships require time, trust, mutual understanding, regular and consistent communications, and mutual long-term commitment.

5. Building an effective supplier relationship framework involves identifying and categorizing spend characteristics and then implementing initiatives.

6. Working with suppliers to develop mutual capability and integrated strengths to continuously improve supply chain effectiveness and, customer service.

Technology and Processes as Enablers

7. Strategic supplier relationship initiatives require standardized processes, an organizational structure that supports the processes, and accountability for key objectives.

8. Joint identification and implementation of tools/technology with supply chain partners lays the foundation for a collaborative environment.

Measurement, Results, and Continuous Improvement

9. Effective metrics are those developed and set in collaboration with suppliers and stakeholders.

10. Enforcing SRM internally through measurement and rewards ensures program success and drives results.

Organizations must incorporate their supplier relationship methodologies in both business strategies and cultures by embracing it from senior management teams to individual process performers, implement the concepts cross-functionally, and drive them home in the reward and recognition systems.

Which four major components form part of successful Supplier Relationship Management?

  • Time management, Risk management, Cost management, Project management
  • Define, Plan, Brief, Implement, Evaluate
  • Project startup, Planning the quality, Planning the time, Planning the cost, Empower the team and set up controls, Control work in progress, Follow-up, re-plan, give feedback, Wrap up and evaluation
  • Supplier Relationship Methodology, Collaboration and Synchronization of Supply Chain, Technology and Processes as Enablers, Measurement, Results, and Continuous Improvement