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Third Party Supplier Relationship Management

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What is the value to the company and the supplier in developing and implementing a Third Party Supplier Relationship Management (3 P.L. S.M.S.) System? How can such a system provide greater efficiency?

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Solution Summary

In approximately 466 words, this solution discusses how an effective third part supplier relationship management system can be beneficial to the company and suppliers, specifically in regards to efficiency.

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The effective development and implementation of third party supplier relationship management system is extremely beneficial for both the company and suppliers in terms of increasing efficiency, reducing cost of operations, improving coordination and establishing collaborative association and closer relationship between the company and suppliers to uncover more and reduce risks associated with supply chain management function. SRM is a strategic planning effort aimed at planning and managing interactions with third party suppliers in a coordinated manner to maximize the value of interactions and transaction with suppliers.

SRM goes beyond the traditional purchasing arrangement and aims to identify value drivers during multiple interactions with the supplier throughout ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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