Supplier Lifecycle Management

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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.

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  • 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.

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