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Stronger supplier relationships 'can offer business benefits'
Companies seeking to improve the efficiency of their procurement functions should look to improve their supplier relationships.
This is the conclusion of a recent CPO Agenda webinar held in association with Emptoris, which found that delegates view reducing costs as a major reason to create stronger partnerships with external suppliers.
In addition to minimising expense, risk management was seen as a key incentive for improving supplier management, as companies will be able to react more quickly to signs of partners running into trouble, reports Supply Management.
To get the most out of a procurement deal, companies must ensure they select a partner with something to gain from a strong partnership.
Peter Boon, manager of procurement intelligence at ING Bank Belgium, said: "You should select suppliers who will benefit from the improvement. It should be a win-win for both."
Last month, a report from Everest Group revealed that the procurement outsourcing market saw a record level of contract and extension numbers in 2011.
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