Need of the hour- Suppliers or Strategic Partners?

In the current scenario, nature of work with suppliers is changing from attaining lowest possible cost to collaborative partnership, in turn delivering annualized value for the companies. The companies with wide scale of operations and a huge product line are engaging into very long term contract with large scale suppliers. Procurement managers, at this stage, need to shift their focus of supplier relationship management strategies from tracking supplier performance (through a standard set of KPIs) to transforming their suppliers into strategic partners. Watch Beroe's Procurement Opportunities experts, Ipsita Suman and Harish S, while they talk about various stages of procurement maturity, and offer detailed analysis to show when and how to gainfully treat a supplier or group of suppliers as strategic partners.