With your category management strategy in place, it's time to monitor and measure the benefits it delivers to your organization and identify opportunities for improvement. To succeed long term, the category strategy must remain aligned with business objectives and the dynamics of the supplier marketplace. This requires regular re-evaluation.
Be strategic with supplier relationship management
It's critical that category management delivers maximum value to the organization through innovation, sharing risk and rewards, and ongoing assessments. For many companies, the hard work of supplier management begins after the contract is signed. We're moving on to the sixth step in category management strategy: supplier relationship management (SRM).
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Negotiation & contracting to support business outcomes (stage 5)
Contracting and negotiating is the next step in the 7 stages to business-aligned strategies that organizations should follow as part of their category management playbook. It’s an important step in category strategy execution as you align supplier relationships with your strategy.
Move up the metrics and value reporting maturity curve
While inwardly focused metrics may be “safe” and what is expected of supply management, if the function is going to progress from tactical to strategic, the goal for most supply leaders ultimately should be alignment with stakeholders. Supply management must push beyond its own internal perspective to understand the business and, whenever possible, adopt the metrics that drive the enterprise.
Best practices for sharing and protecting data in supply management
In today's connected world, sharing data with suppliers is a given. But not all data, and all suppliers, are created equal. Organizations must assess their data-sharing priorities and connect with suppliers that are able to protect the data accordingly. Effective data security must be a critical element in supplier selection, onboarding, and relationship management.
Strategy development is the foundation of your category management playbook
Category management strategy development can align internal business requirements with the marketplace and suppliers' capabilities by segmenting the organization's spend into discrete groups. It's the foundation of your category management approach, and doing it well delivers significant value to the organization.
The challenges, rewards & tensions of sharing data with suppliers
Supply managers face a daunting challenge when it comes to data. Sharing data with suppliers can improve efficiency, flexibility, quality, and new product development. But there are risks to intellectual property, corporate, and personal information, as well as regulatory and legal concerns, and attacks that could severely impair the organization.
7 steps for creating an extraordinary internal customer experience
The relationships that procurement professionals form with internal customers are critical – they can impact relationships with the company’s external customers, and therefore, the bottom line. While substantial research has been conducted about managing relationships with external stakeholders, much less attention has been paid to managing relationships with procurement’s internal customers.
External analysis drives category management development
External analysis helps connect business requirements to the supplier base in developing a strategic approach to category management. It builds on preparation and internal analysis as the foundation for excellent category management outcomes.