Spend Matters Insight: Why you need to understand your suppliers

HICX Whitepaper

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About

This briefing paper looks at how the importance of structured and effective supplier management has increased for major organisations over the years. It explains that managing both the risk and value generated by suppliers is more vital than ever and is a core requirement for procurement functions and indeed for organisations generally.

The paper suggests that there are three key types of supplier information; that, which is related to “basic” business needs, performance information (usually gained from active suppliers during a contract) and risk related information. It then goes on to look at how the regulatory and compliance burden has increased in recent years in terms of organisations needing to understand much more about their suppliers and supply chain.

Issues such as modern slavery, GDPR and conflict minerals have put a real focus on the need to manage appropriate information about suppliers. The implications and penalties in terms of fines, other government actions and reputational damage can be severe.

The final part of the paper examines the solution to this problem, examining the best practice scenarios that could help organisations avoid the many hidden dangers that already exist and are coming swiftly into being.

 

 

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