To enhance business efficiency, brands must collaborate with suppliers on innovation
19th February 2022, Mumbai:
The Better Buying Partnership IndexTM (BBPI), a new tool that examines buyer-supplier relationships through the lens of partnership quality, claims that by not seeking out their suppliers' ideas and insights on product and process innovation, various brands and retailers are missing opportunities to improve their businesses and incurring unnecessary costs.
It states that in order to increase corporate efficiency, businesses must collaborate with their suppliers on innovation.
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"Brands and retailers are missing opportunities to reduce costs and increase efficiency by not partnering with and listening to their suppliers, and not fully seeing the contribution suppliers can make to the long-term success of the business," said Marsha Dickson, President, and Co-Founder of Better Buying Institute.
The BBPI allows suppliers to grade their customers based on 12 subjective criteria, with customers being classified as True Partners, Collaborators, or Detractors. Only after a buyer has consistently met a set of criteria is he or she designated as a True Partner.
The Better Buying Institute's (BBI) new Partnership Index, which awarded purchasers a score of 39 out of a possible 100, is cited by The Industry We Want (TIWW) program.
"These findings offer a clear picture of the burden suppliers face as a result of so many customers never, seldom, or occasionally giving enough time, enough visibility, consistent business, and fair financials," according to a TIWW statement.
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*Figures mentioned in the above article have been sourced from Apparel Resources article.
