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The Future of Supplier Management is Here, and it’s Holistic. Leading, high-performing procurement organizations share one common trait–they consistently prioritize a holistic and integrated approach to Supplier Management. In fact, they go beyond simply supplier management, what they do is Supplier Engagement.
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Some phrases or acronyms you may have seen around this topic include: disadvantaged business enterprise (DBE); diversity, equity, and inclusion (DEI); or supplier diversity. At what point did diverse suppliers or small suppliers become a priority? Put in as much effort as you can so your target businesses don’t have to.
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When a single supplier is the only option for your procurement needs, understanding the nuances becomes essential. This step is crucial to ensure that the selection of a single supplier is justified as the only available source for a product or service. But what happens when only one supplier can fulfill a specific requirement?
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