Partnering

PARTNERING

Partnering is a relationship between two or more parties based upon trust, dedication to common goals.

The benefits of partnering are

Ø    Improved quality

Ø    Increased efficiency

Ø    Lower cost

Ø    Increased opportunity for innovation

Ø    Continuous improvement

The three key elements to a partnership relationship are

Ø    Long term commitment

Ø    Trust

Ø    Shared Vision

SOURCING

The three types of sourcing are

Ø    Sole sourcing

Ø    Multiple sourcing

Ø    Single sourcing

What is Supplier Partnering?

Partnering is a defined as a continuing relationship, between a buying firm and supplying firm, involving a commitment over an extended time period, an exchange of information, and acknowledgement of the risks and rewards of the relationship. The relationship between customer and

supplier should be based upon trust, dedication to common goals and objectives, and an understanding of each party’s expectations and values.

Benefits of Partnering

The benefits of partnering include:

(i)                Improved quality;

(ii)              reduced cost;

(iii)           Increased productivity;

(iv)           Increased efficiency;

(v)              Increased market share;

(vi)           Increased opportunity for innovation; and

(vii)         Continuous improvement of products / services.