Supplier relationship management and selection strategies a literature review
Quality Glossary Definition: Supplier quality. Supplier quality management is defined as the system in which supplier quality is managed by using a proactive and collaborative approach. This is often accomplished through the use of supplier quality management systems QMS , which allow companies to monitor supply chains and inspect or audit materials and services at regular intervals. Supplier quality management begins early in the product design and supplier selection process. It continues through the entire life cycle of a product and for the duration of the relationship with that particular supplier. Proper supplier quality management tactics include taking inputs such as employee work, marketplace requirements, operating funds, raw materials, and supplies and effectively and efficiently converting them to outputs deemed valuable by customers.
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Consequently, all organizations engage with suppliers for the provision of various goods and services to maximize business performance. Suppliers form an indispensable part of any business, and hence, managing suppliers is crucial. Supplier Management refers to all the business processes and activities that deal with the entire lifecycle of a supplier for an organization. Given the complexity of business relationships, the variety of suppliers engaged with organizations and their sheer importance, a definition can only cover so much. Hence, this blog will cover the need for supplier management, its benefits, process, and best practices.