Procurement Basics: Supplier Relationship Management
What you'll learn
- Supplier Relationship Management
- Vendor Management
- Supply Chain
- Operations Management
- Supply Chain Management
- There are no course requirements or prerequisites
Strategic SRM is an intentional process focusing on building and leveraging two-way relationships that are aimed at enhancing collaboration, fostering innovation, and driving competitive advantage. It enables the effective management of suppliers, so they can help the company be even more competitive in the market via better delivery/quality execution, faster services, new innovations, etc.
Supplier Relationship Management (SRM) includes the following:
Coordinated planning and execution of all interactions with vendors;
Methodical, company-wide assessment of the capabilities of suppliers;
Analysis of which activities to perform with different vendors;
The evaluation of expected value vs. actual value within supplier relationships.
As a former Chief Procurement Officer, I've spent a lot of time and energy managing supplier relationships over the years. In this course, I'll share with you some advice based on that experience in order to help you become better at SRM.
I co-teach this course with my friend and fellow Procurement professional, Sean-Michael Callahan. We start by sharing our backgrounds so that you can better understand where our experience comes from. We don't spend too long on this, however, because you know how to work LinkedIn and you can simply look us up there.
This course really begins with a solid Overview of Supplier Relationship Management. Then we take time to explain Why SRM Is Important, which can be extremely helpful if you ever find yourself having to justify your efforts in this area to a colleague or boss.
After that, we walk through the 6 Basic Steps To Implement An SRM Program, and then we discuss ways you can Maximize The Value Of SRM before we finish up with a quick summary.
Unlike other courses out there, our courses are not theoretical, they contain tons of real-life examples of Procurement in action.
I hope you enjoy the course. Feel free to reach out and connect on LinkedIn once you're enrolled. I'd love to connect!
Who this course is for:
- Early Career Procurement Professionals
- Early Career Supply Chain Professionals
- Early Career Sourcing Professionals
- Students interested in Procurement / Sourcing / Supply Chain
Prior to founding The NiVACK Group, Nick Gunn was a Senior Vice President at Hewlett Packard Enterprise where he was responsible for Global Corporate Services where he ran Procurement, Travel, Real Estate, Fleet, Aviation, Security and was responsible for $27BN+ in spend.
Nick found success at Hewlett Packard and Hewlett Packard Enterprise thanks, in part, to his ability to quickly recognize that a successful company is one that values, develops, and empowers its customers - both internal and external. A successful company seeks to first understand the needs of its customers and then deliver products and services that meet and exceed expectations. The philosophy of valuing, developing, and empowering customers has been Nick’s foundation for every endeavor since.
The decision to found The NiVACK Group came about as a result of spending time with CEOs and other senior leaders at a number of large Fortune 500 companies as well as some much smaller, privately-held enterprises. What Nick discovered was quite a surprise. A majority of these companies (both large and small) simply do not have well-thought-out, tried, and true strategies for many internal functions such as procurement, real estate, and other shared services! Furthermore, out of those businesses undergoing a merger, acquisition, or divestiture, very few have thoughtfully considered what the change will do to their bottom line.
All of this led Nick to a key realization: people are missing out on a huge opportunity to become more profitable because they are neglecting the cost-side of their business. And he became inspired to do something about it.
Connect with Nick on LinkedIn and see what else he's got in store.