7 best practices to improve supplier relationships (SRM)

Start mapping out your supplier relationship management strategy ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 7 winning tips for supplier relationship management Hi {NAME} , As a retailer or a store manager, you not only need to take care of managing employees, inventory, orders, and customers, but also maintaining good relationships with suppliers. Strong relationships with suppliers improve the service quality you receive, decrease costs, and [streamline your procurement workflow]( ). The relationships need to be beneficial to both you and your vendors to give you a long-term collaboration with greater stability, preferential treatment, and discount rates. Having a strong SRM will return many benefits: - Boost efficiency - Save more costs - Reduce price fluctuation So, how to manage supplier relationships effectively? - Choose suppliers with the same values - Treat your suppliers as partners - Strong and detailed contract agreements - Invest in a supplier relationship management system - Maintain regular communication - Make sure you pay on time - and [more]( ). Find a solution that fits your business? A supplier management tool (SRM) is essential to manage supplier relationships more efficiently, especially if you purchase from multiple vendors with different minimum order quantities, lead times, and prices. Here are outstanding features that Magestore can help you in vendor management process: - Track purchasing order status - Evaluate vendor performance via scorecards to track their KPIs - View real-time inventory levels, alert low stock - Forecast demands and generate purchase orders for the vendors - Measure the cost of goods sold and manage cash flow - and more. [Book a Consultation]( ) [Fashion]( ) [Electronics]( ) [Furniture]( ) [Sports]( ) [Coffee]( ) [Cannabis]( ) This email was sent to {EMAIL} because you signed up for the latest retail tips & insights from Magestore. If you don't want to receive this newsletter in the future, you can [unsubscribe.]( ) © 2023 Magestore. All Rights Reserved. Magestore, 16F, Viwaseen Building, 48 To Huu Street, Nam Tu Liem District, Hanoi, , 100000, Vietnam .