From the course: Purchasing Foundations
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Supplier management and development
From the course: Purchasing Foundations
Supplier management and development
- Henry Ford owned everything. He owned the mines that provided ore for his mills that in turn provided steel for his factories. He even owned the railroads to move his iron ore and steel. He sold the cars himself and owned the entire distribution network to do that. You don't see too many companies like that anymore. Unlike Henry Ford, today's companies tend to do one or two things they are really good at and then hire someone else to do the rest. That's why managing your suppliers is more important today than it has ever been. Here's some things I want you to keep in mind about managing your suppliers. Design of a good supplier management system is very important, and typical performance metrics will center on such things as cost, quality, and delivery. One key to an effective measurement system is to have a standard for comparison, a benchmark for performance. You are not comparing companies to each other. You are measuring each company against a predetermined standard of…
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