Skip to main content Skip to Footer

BLOG


June 23, 2016
Improve your business with good supplier relationships
By: Cherie Oswald

The lifeblood of every company is its product portfolio. Management of that portfolio includes a variety of tasks such as managing inventory, evolving each product to maintain or grow market share, introducing new products to gain market share, increasing the profitability of the portfolio, promoting and marketing the portfolio, and selling the product portfolio. With all these tasks, a company’s suppliers can be of significant assistance, as suppliers often have expertise and knowledge of the industry and competition that can be useful for a company’s marketing and operations teams. Understanding how their own products are used across a variety of clients also allows suppliers to see different methods of inventory management—knowledge that could serve a company client well.

Consider Walmart, the super-giant retail store carrying everything from milk to hammers. To a large degree, the key suppliers of each category manage Walmart’s various categories of products. For example, Bush Brothers and Company manages the entire category of canned beans for Walmart. Walmart has established a system called the Retail Link that allows a supplier to tap into their products’ sales by hour, by location, and by stock keeping unit. Each category manager is expected to manage the category, not just his or her own products, for maximum profitability.

In this course, you will discover the elements of working with a supplier to fully leverage their expertise and capabilities in managing your product portfolio. Specifically, you will learn:

  • How to identify critical suppliers and their capabilities for assistance.

  • The methods available to communicate with suppliers, from high technology to low technology.

  • How information exchanges between companies and suppliers benefit both parties.

  • How to maximize the value of information exchanged between a company and its suppliers.

How well does your company exploit the assets of its suppliers to improve the performance of your product portfolio? Do you leverage your suppliers to deliver more value to your stockholders? The Accenture Academy courses Role of Suppliers in a Company’s Product Management, Information Sharing Considerations between a Company and Its Suppliers, Methods for Exchanging Information between Companies and Their Suppliers, and Assess Company-Supplier Performance in Improving Product Management will expose you to the many facets of working with a supplier to benefit your business’s bottom line. The practical discussion of this topic will provide immediate benefits to your company.

About Accenture Academy

Accenture Academy offers proven, cost-effective learning solutions for a more versatile workforce and a more agile organization. We provide a flexible learning approach that helps your people be more versatile and your entire organization be more agile in the marketplace. Curriculum includes Supply Chain Management, Finance, Procurement, Analytics, Leadership & Management and Specialty Skills.

LEARN MORE ABOUT ACCENTURE ACADEMY

Popular Tags

    More blogs on this topic

      Archive