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Supplier Management Best Practices to Follow in 2021

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Do you know effective procurement can enhance customer experience? Look at it this way – unless you receive the goods on time, you can’t proceed further. If the supplies are not delivered on time, it will result in late deliveries, which will affect customer experience and sales. So, while focusing on customer relationships, you have to focus on supplier management too. Supplier management maximizes the business performance by automating all the processes. It streamlines the entire supply chain activities. Let’s understand what it means and how it works. What is Supplier Management? In simple terms, supplier management refers to all the processes and activities related to suppliers. It includes identification, performance evaluation, compliance, management, and contract negotiation. Supplier management is the relationship between buyers and suppliers. Like CRM, it helps build a strong relationship with those who supply goods and services to your business. But there’s a difference...