Have you ever stopped to think about how important your suppliers are to your business? Do you view suppliers as business partners and an extension of your business, or do you see them as a reactive service provider that exists to fulfill demand?
All too often we tend to treat supplier relationships as contractual agreements rather than mutually beneficial partnerships. This behavior grossly under-estimates the tremendous benefit suppliers can provide to your firm’s day-to-day operations. This “servant” paradigm is not the right way to go about conducting business with suppliers for a number of reasons. Instead, let’s talk about three key reasons why we need a fundamental shift in our thinking away from the supplier “servant” paradigm to suppliers being members of a critical department in your organization – a key business function that adds value for your customers on a daily basis.
Reason # 1: Start with Trust
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