ASSIGNMENT HELP | What are some of the benefits of including suppliers?

Discussion

You are required to provide a comprehensive initial post with 3-4 well-developed paragraphs that include a topic sentence and at least 3-5 supporting sentences with additional details, explanations, and examples. In addition, you are required to respond substantively to the initial posts of at least two other classmates

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• An efficient product development process is essential to the success of any business. In some cases, suppliers are included in this process. What are some of the benefits of including suppliers? Are there any risks that should be considered? 

SAMPLE SOLUTION

Supplier Relationship Management

One of the benefits of including supplies is to enhanced and optimized procurement | PLACE YOUR ORDER NOW AT writtask.com | of how well a process visualized, it can always be improved. Having a positive supplier relation creates an avenue where people share ideas and feedback that can be exploited to improve business operations and | PLACE YOUR ORDER NOW AT writtask.com | process is a better way of increasing the market share, enhancing and initiating responsive market changes and increase the return on investment.  

Including suppliers in product development plays an important role in cost | PLACE YOUR ORDER NOW AT writtask.com | are normally considerable costs that is incurred in setting up deals with new suppliers. However, a business that has a well-established supplier relationship management can help to eliminate | PLACE YOUR ORDER NOW AT writtask.com | entering into mutual beneficial with the key suppliers helps in cost saving in the long run since the business will be able to outsource the supply chain activities to the third party and can fully focus on key | PLACE YOUR ORDER NOW AT writtask.com | relationship with suppliers helps to reduce problems associated with availability, quality issues and delays that means customers receive better services.

One of the risks that comes with involving suppliers in product development process is the risk they pose to the information security and | PLACE YOUR ORDER NOW AT writtask.com | implements robust cybersecurity systems and programs, the supplier should also ensure that their systems are secure. Large corporates using third party suppliers experience 30% cyber security risks due to poor cyber security practices from the | PLACE YOUR ORDER NOW AT writtask.com | are launched by hackers who exploit the vulnerabilities of the supplier’s | PLACE YOUR ORDER NOW AT writtask.com | using the supplier system, cybersecurity risks such as losing sensitive data including customer data due to poor information system from the supplier can damage the company reputation.

Response to discussion One

Hello, you did an excellent post!

I concur with your argument that including suppliers is the first step of cost saving | PLACE YOUR ORDER NOW AT writtask.com | suppliers helps to optimize the operations including; ensuring the suppliers are ever present, facilitates faster process, reduces the order fulfilment lead time, increases return on investment, it is adaptable to the market changes and increases the market share for the | PLACE YOUR ORDER NOW AT writtask.com | business, supplier is an important asset that have a direct impact on the quality and customer experience in terms of timely | PLACE YOUR ORDER NOW AT writtask.com | or any business is built upon the efficiency of the suppliers, this is because the modern manufacturers works with a wide range of market that requires the delivery of orders to customer and | PLACE YOUR ORDER NOW AT writtask.com | chain is used by the business to cut cost of the products, maintain profitability and drive efficiency.

Response to discussion Two

Hello, I appreciate your post. Indeed, manufacturing companies are focusing on enhancing efficiency of their operations through enhancing their | PLACE YOUR ORDER NOW AT writtask.com | is turning to supplier relationship management as a systematic and controlled approach for sourcing the materials and goods they need for operations (Davies 2021). Also, I agree with you that | PLACE YOUR ORDER NOW AT writtask.com | are part of the continuous improvement process and with better long term relationship, the business realizes a smooth yet efficient | PLACE YOUR ORDER NOW AT writtask.com | to acknowledge that supplier’s activities come with a certain level of risks including causing problems due to | PLACE YOUR ORDER NOW AT writtask.com | pose a reputational risk that comes due to service or supply interruptions as supplier quality and safety failure damages the reputation of the organization. For instance, if the suppliers have shires underage…

References

Davies, Jonathan. 2021. “The Benefits Of Supplier Relationship Management”. Winman.Com. https://www.winman.com/blog/bid/366854/the-benefits-of-supplier-relationship-management.

Flankegård, F., Johansson, G., & Granlund, A. (2019, July). Challenges with supplier involvement in product development: A supplier’s perspective. In Proceedings of the Design Society: International Conference on Engineering Design (Vol. 1, No. 1, pp. 2179-2188). Cambridge University Press. Doi: 10.1017/dsi.2019.224