In the dynamic landscape of business operations, the significance of regular customer and supplier meetings cannot be overstated. Timely reviews are pivotal to effective Customer and Supplier Relationship Management (CSRM), especially with the expanding capabilities of outsourcing.
Customer and Supplier Review meetings provide a valuable opportunity to align with third parties. Within these meetings the agenda consists of addressing concerns, and enhancing relationships, ultimately facilitating beneficial negotiations.
A study revealed under standard conditions for optimal vendor management, Supplier Managers should meet quarterly with vendors, accompanied by an average 5.6 hours of meaningful preparation per session.
Despite this being an ideal scenario, participants consistently reported an average of 3 actionable items per meeting, with each action requiring approximately half a day to complete after internal reviews and governance. This brings the total annual time commitment to 70 hours per vendor, emphasising the importance of strategic and thoughtful engagement to ensure efficiency and effectiveness in vendor relationships.
Additionally, on average, 40%-60% of employee resources are wasted on administrative preparation for these crucial sessions, based on the survey results.
Here are 4 ways to maximise your supplier reviews, whilst efficiently using your current employee resource:
1. Regular Monitoring:
Implement a routine schedule for monitoring vendor performance. Regularly track and assess KPIs, and generate automated reports through the VMS or other reporting tools. This proactive approach allows you to identify trends, address issues promptly, and demonstrate a commitment to continuous improvement.
2. Feedback Sessions:
Schedule periodic feedback sessions with vendors to discuss performance. Use a collaborative approach, highlighting areas of strength and areas for improvement. Open communication fosters a positive relationship and provides vendors with insights to enhance their services. Automation can assist in scheduling and documenting these sessions.
3. Start with Internal Processes:
Evaluate and refine your internal review and governance process to expedite the completion of action items. Efficient internal workflows contribute significantly to reducing the time required after vendor meetings.
4. Implement Automation:
Utilise a Vendor Management System to streamline and automate the vendor review process. A VMS can centralise vendor data, track performance metrics, and generate automated reports. This not only saves time but also ensures consistency and accuracy in evaluating vendors. Incorporating automation can streamline processes, optimise workflows, and effectively manage their supply chain without the need for additional resources.
The Brooklyn platform allows businesses to track customer and supplier relationships comprehensively through an in-depth timeline. This timeline provides visibility into all activities across the entire supply chain and involved departments, encompassing both historic and future review meetings.
Brooklyn empowers businesses to prepare and run structured governance review meetings with ease. It offers a pre-populated agenda based on current Service Level Agreements (SLAs) and promised value extracted directly from contracts. Users can upload meeting minutes and capture working actions in the Meeting Organiser, creating a complex audit trail for their working relationships.
‘Ask Brooklyn’ our GenAI Assistant simplifies the process by summarizing meeting goals and action items, saving valuable time for busy professionals. It automatically reviews agendas and action items to create concise and professional meeting summaries to be shared with executives. Ask Brooklyn provides meeting insights at their fingertips—all within one platform.
The Brooklyn platform not only streamlines processes but also eliminates manual steps, allowing businesses to allocate resources efficiently and focus on high-value management. Taking charge of customer and supplier reviews has never been more accessible.
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