CH 7 Supplier Relationship Management

A collection of essential vocabulary related to Supplier Relationship Management and its components.

Strategic Partnerships

A mutual commitment over time to work together for the benefit of both parties in a supplier relationship.

Supplier Evaluation

A process to identify the best and most reliable suppliers based on objective facts, not perceptions.

Total Cost of Ownership (TCO)

All costs associated with the acquisition, use, and maintenance of a good or service.

Supplier Recognition Programs

Programs designed to acknowledge suppliers who meet high performance standards.

ISO 9000

A series of management and quality standards that companies seek certification for to sell in global markets.

Supplier Certification Programs

Programs that differentiate strategic suppliers from others, ensuring quality assurance methods are followed.

Supplier Relationship Management (SRM)

a strategic approach to foster long-term relationships with suppliers while keeping the supplier base limited to ensure better collaboration and efficiency.

Supplier certification programs

These are structured initiatives that require suppliers to meet specific standards and criteria, ensuring quality and reliability in their products or services.

ISO 9000

A set of international standards for quality management and quality assurance to help organizations ensure they meet customer and other stakeholder needs.

ISO 14000

a family of international standards focused on effective environmental management systems so that organizations can reduce their environmental impact.

benefits of ISO 9000

Benefits include improved product quality, enhanced customer satisfaction, and increased operational efficiency.

benefits of ISO 14000

Benefits include reduced environmental impact, compliance with regulations, and enhanced corporate reputation