Supplier Management

Supplier management is the strategic process of managing and optimizing an organization’s relationships with its suppliers to ensure consistent quality, performance, and value. It encompasses supplier selection, onboarding, performance evaluation, risk assessment, compliance monitoring, and collaboration. Effective supplier management helps organizations reduce costs, improve supply chain resilience, ensure regulatory compliance, and foster innovation. It also involves segmenting suppliers based on risk and strategic value, establishing service-level agreements (SLAs), and using data-driven insights to drive continuous improvement. With the rise of digital platforms and AI, supplier management is evolving to become more proactive, predictive, and integrated across sourcing and procurement functions.