Challenges Faced in Buyer Supplier Relationship Management

1. Challenges Faced in Buyer Supplier Relationship Management

3. One of the most looked through-relationship in a business is the one you have with your vendors. For a business to deliver highly satisfactory services, it is important to have a streamlined workflow starting exactly from the vendors. Delays, gaps and miscommunications can lead to a subsequent pause in deliveries, hampering your overall business rapport. A business on average faces a regular delay of 48-72 hours while expecting shipments. But, the state of crisis occurs when the duration and frequency of delays increase. Here are the top 10 Challenges faced in any buyer-supplier relationship management and how they can be resolved: • Not Investigating Supplier’s Track Record The first step to take before engaging with any supplier is to go through his past and current projects and to investigate his knowledge about tax and legal implications of exporting and importing. Knowing the supplier beforehand helps to create and build healthy relations. • Communication Gap Communication is absolutely necessary for many aspects of the business. If a supplier doesn’t understand the company’s strategic goals that may fulfil the needs and requirements due to poor results. Maintaining good contact with the suppliers can benefit the organization in a big way.

4. Non-Transparency in Processes Many times, the non-transparency of the supplier’s process creates gaps in the company-supplier relationship. Technology can play a crucial role to fill this gap. Analyze the whole process more efficient by using an online purchase order and Accounts payable softwarelike Invoicera. • Inefficient Supplier Training If the supplier doesn’t understand, what the company wants its customers to experience through their products, he won’t be able to provide enough supplies. One should make sure that the supplier knows the company’s motto. They should be given appropriate training to ensure expectation levels. • Conflicts Over Contract Signing a biased contract can be very unpleasant for the supplier. One should make sure that the contract has benefits for both the sides. A contract must be reviewed very carefully before it gets finalized.

5. Avoiding The Need To Nurture • A healthy relation only nurtures when the two sides stay together for long. Abandoning the suppliers at the time of success may create stress in a relationship. To avert this, one should include the supplier at every milestone and success celebration of a company. Invoicera offers an array of features to ensure the convenience of management and precision with data. Now, no more hustling around and wasting your precious time with little executions that can be automated easily. • Send and Schedule Invoices to the buyers on time • Buyers can send purchase orders in a timely manner • Suppliers can send in estimates for buyer approval • In the case of a price settlement, the buyer can send inappropriate credit not • The buyer can get a free log-in to access all invoices and account statements online Opt for Invoicera, a Business financial management software for keeping records of all your finances and invoices together in cloud-based accounting software. FREE SIGN UP. Source: Top 10 Challenges Faced in Buyer Supplier Relationship Management

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