It is not a secret that effective business relationships produce mutually-beneficial outcomes, such as revenue growth, innovation, sustainability and social responsibility, among others. But, as the role, relevance and results achieved by third-party vendors and suppliers continues to increase, what is the secret to successfully sustaining and optimizing these valuable partnerships? It is paramount to build strategic relationships based on trust, transparency and teamwork. This session will provide management teams with insights to better understand the lifecycle of third-party relationships and find a healthy balance between mutual accommodation and fiduciary self-interest to achieve goals.

• The stages included in the business relationship lifecycle
• How relationships should evolve from transactional to strategic
• How relationships can devolve due to reliance on familiarity
• How relationships can be restored with transparency and accountability

 

Contributors: SC&H
Categories: 2018 Spring - Washington DC, Summit Presentations
SRC Type: Sourcing Management, Stakeholder Engagement, Third Party Management