What are the most effective supplier development tools and techniques for your industry?

1 Assess your suppliers

The first step in supplier development is to assess your current suppliers and identify their strengths, weaknesses, opportunities, and risks. You can use various methods and criteria to evaluate your suppliers, such as audits, surveys, scorecards, benchmarks, and feedback. The purpose of this step is to understand your suppliers' capabilities, performance, gaps, and potential, and to prioritize your development efforts based on your business objectives and expectations.

2 Collaborate with your suppliers

The second step in supplier development is to collaborate with your suppliers and establish a mutual commitment and trust. You can use various tools and techniques to communicate, coordinate, and align your goals, expectations, and plans with your suppliers, such as contracts, agreements, meetings, workshops, and joint teams. The purpose of this step is to create a shared vision and strategy for supplier development, and to foster a culture of cooperation and continuous improvement.

4 Monitor and measure your suppliers

The fourth step in supplier development is to monitor and measure your suppliers and evaluate their progress and results. You can use various tools and techniques to track and analyze your suppliers' performance and improvement, such as dashboards, reports, indicators, metrics, and reviews. The purpose of this step is to verify your suppliers' achievements and impact, and to identify any areas for further improvement or recognition.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?