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Getting the most out of your suppliers

Managing suppliers is a core competency for every organisation, yet many don't take the time to develop these relationships. Padraig Floyd outlines a number of reasons why you should.

The topic of supply chains has garnered major focus as the UK moves towards its exit from the European Union. The headlines have particularly highlighted the potential shortages of everyday items from the end of October, but supply chains don’t just begin and end with Brexit.

Managing supply chains is a core component of every business’s day-to-day operations. And since the financial crisis, it has become even more important. “We have seen an increasing emphasis on businesses maintaining visibility in the management of their suppliers,” says Steve Trainor, chief operating officer at consulting firm Odesma.

Increased awareness of the risks to business reputation due to problems in the supply chain has led to more in-depth reviews of not only primary suppliers, but those further down the chain, including secondary and tertiary suppliers.

This is an extract from the Business & Management Magazine, Issue 278, October 2019.

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