The strategy aims to bolster local procurement by nurturing local suppliers’ growth and capabilities. It begins with a thorough assessment of existing supply chain capabilities, identifying gaps, and benchmarking suppliers against industry best practices. For example, engaging suppliers to openly discuss their challenges helps pinpoint areas needing improvement. Action items include mapping business relations and evaluating potential technological enhancements, which, for instance, could involve streamlining processes to reduce costs.
Next, capability enhancement programs are crafted, offering tailored training and mentorship. Exemplary actions include workshops on industry trends and financial assistance for development initiatives, empowering suppliers to innovate. Last, partnerships and collaborations are strengthened through regular communication and shared projects. For instance, setting up supplier forums allows for peer learning and networking, which encourages collective problem-solving.
The strategies
⛳️ Strategy 1: Assess existing supply chain capabilities
- Conduct a comprehensive audit of current suppliers
- Identify gaps in supplier capabilities and resources
- Evaluate supplier performance metrics and standards
- Benchmark supplier capabilities against industry best practices
- Engage suppliers in discussions about their challenges and needs
- Profile suppliers to understand their long-term business goals
- Map supplier business relations and dependencies
- Assess the potential for technology and process improvements
- Identify opportunities to reduce costs and increase efficiency
- Rank suppliers based on potential for development and alignment with goals
⛳️ Strategy 2: Develop capability enhancement programs
- Create customised training programs for suppliers
- Establish a mentorship model with experienced procurement managers
- Facilitate workshops focused on industry trends and innovations
- Offer financial assistance for suppliers' capability-building projects
- Develop quality improvement frameworks tailored for suppliers
- Implement a continuous feedback loop between suppliers and buyers
- Encourage joint problem-solving sessions to address common issues
- Develop a shared resource pool for technological upgrades
- Offer incentives for suppliers meeting quality improvement targets
- Build a case study repository showcasing successful supplier developments
⛳️ Strategy 3: Strengthen partnership and collaboration efforts
- Establish regular communication channels with suppliers
- Develop joint planning sessions for long-term strategies
- Coordinate supplier forums to foster peer learning and networking
- Set up collaborative research and development projects
- Encourage transparency through shared performance dashboards
- Recognise and reward suppliers for innovation and quality improvements
- Establish clear expectations and mutual goals with suppliers
- Facilitate cross-industry partnerships to expand capabilities
- Create co-development programs to align with emerging market needs
- Regularly review and adapt collaboration strategies to maximise impact
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
