As uncomfortable as it may be, procurement needs to hear from unhappy suppliers. In fact, giving suppliers the opportunity to complain or otherwise rate the way they are treated is a vital part of effective supplier relationship management (SRM).
At the start of 2014, independent research showed that less than 50% of large UK businesses were regularly auditing their Tier 1 suppliers on whether they used slave labourers. That figure fell to 36% at Tier 2. Since then, we have seen multi-national buyers advance significantly their efforts to address slavery within their supply chains.
For business and the procurement function the world is a much faster-moving place than it has ever been before. Sit still and you are likely to find yourself left behind by your competitors and suppliers.
As US voters near the midterm elections on 4 November 2014, there appears to be a big disconnect between what the public thinks about the economy, what investors think, and what at least some business leaders think.
It is well understood that procurement’s role in financial services is more important now than ever; for this the function has the heightened regulatory focus to thank. The challenge posed by this increased exposure will of course be demonstrating true value to the organisation, which undoubtedly starts with managing the costs of compliance in the new, more stringent environment.
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