Principle 8: Mutually beneficial supplier relationships

Principle 8: Mutually beneficial supplier relationships
An organization and its suppliers are interdependent and a mutually beneficial relationship enhances the ability of both to create value
Key benefits:
Increased ability to create value for both parties.
Flexibility and speed of joint responses to changing market or customer needs and expectations.
Optimization of costs and resources.
Applying the principles of mutually beneficial supplier relationships typically leads to:
Establishing relationships that balance short-term gains with long-term considerations.
Pooling of expertise and resources with partners.
Identifying and selecting key suppliers.
Clear and open communication.
Sharing information and future plans.
Establishing joint development and improvement activities.
Inspiring, encouraging and recognizing improvements and achievements by suppliers.