Supplier Lifecycle Management

Supplier Lifecycle Management is a best practice approach for selection, monitoring, classification and creation a long-term partnership to:

• Mitigating risk
• Reduce costs
• Ensure compliance
• Sustainable supplier relationship

It is end-to-end approach to managing suppliers in a transparent and structured way.

Four Stages in the Supplier Lifecycle:

1. Supplier Selection:

Supplier selection, qualification including the identification of sub-tier suppliers.

2. Performance Monitoring

Expected levels of performance, process reviews, performance evaluations, improvement plans, and exit strategies.

3. Supplier Classification

Supplier classification system, e.g. non-approved, approved, preferred, certified, partnership, and disqualified

4. Partnerships & Alliances

Strategies for developing customer-supplier partnerships and alliances.