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Supplier Compliance

In order to acquire an effective supplier compliance programme for your company, you’re going to need a pretty solid plan of action first.

supply chain and logisticsDoing so can greatly increase the efficiency of your supply chains and reduce the overall cost of logistics.Most of all, if you want that plan to succeed in good time, you need to ensure that the plan is initiated with the right suppliers.

Listed below is some advice to help ensure your supplier compliance meets the needs of you and your company.

  • Work out an effective strategy. Clearly define the pros and cons and take into any way they might vary from supplier to supplier, because each will have its own quirks. Make sure the program can cover key compliance strategies, such as pricing and savings that impact your business.
  • Indentify metrics thresholds and targets. Make sure you acquire any and all relevant data from suppliers contracts and gather information from relationship managers to get an idea on how they measure supplier performance. Use what you learn to make sure that they are working alongside your overall business plan.
  • Provide a framework on which to build a successful relationship. That is, make sure your supplier understands your standards and specifications.
  • Make the most of technology to connect with suppliers. Using the internet to improve efficiency between your company and suppliers can save you quite the bundle and is generally more effective than other methods of communication.
  • The early bird catches the worm. Make sure that your success arise early and that those early successes are built upon. Cherry pick suppliers to make sure you can acquire the maximum gain from them.
  • Encourage collaboration. Try to share your data in real time rather than during fixed annual or quarterly reviews. Doing so can allow your suppliers to quickly and effectively adjust to any issues that may arise during the course of your relationship and collaborate more easily with your company.
  • Be hands on. Doing so can allow you to more efficiently intervene if a supplier is causing you and your company problems, which could interrupt your supply chain. Make sure all the data you are gathering is accurate and analyse that data to make the best decisions.
  • Make the most of your data. Use analytics to get an accurate picture of your logistics and act accordingly.

For further advice regarding supply chains, it may be prudent to acquire the services of a supply chain consultancy, such as Total Logistics. Doing so is a cost effective, easy and efficient means of making the most of your logistics and can save your company a fair amount of money. Otherwise, play the logistics game safe and smart.

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