What are the steps involved in World-Class Supplier Management?

electing the right supplier can help you meet the consumer demand for higher-quality ingredients—while also meeting high regulatory standards. When selecting the right supplier, manufacturers should remember to: •Include all key internal stakeholders in the process to agree on important criteria that the supplier should meet. •Require strong communication between the manufacturer and the supplier. Good communication might not necessarily confirm a successful relationship, but poor communication can almost guarantee a failed relationship. •Perform audits for the selected supplier, and work with them to address any deficiencies. If the deficiencies are too great, move on to another supplier. Implement adequate monitoring to drive improvement in supplier performance. •Assess performance through useful metrics and provide the necessary feedback to the supplier. •Establish an effective certification program and utilize it when the supplier has met its standards. •Motivate your suppliers to develop strategic partnerships to ensure the greatest opportunity for success for both parties.