COVID-19 forced many businesses to dramatically change the way they operated today to include the immediate need for digital capabilities. The digital metamorphosis that companies are undergoing today require Procurement and Suppliers to rethink their strategies to develop strategic relationships. Strategic supplier relationships are critical to defining a company’s competitive advantage in the marketplace. Procurement and strategic suppliers need to understand this shift in relationship & align their strategic objectives to help their customers succeed in creating these advantages. Customers themselves need to rethink their strategy and move from independent brand specific strategies & align to both the good of the brand & the good of the company.
- The changes in the pace of the IT industry pre-COVID followed by the industry changes brought about by COVID have spawned the need for new strategic relationships
- Due to the emerging trends in the marketplace, customers & suppliers have to collaborate closely to provide opportunities to drive competitive advantage
- Procurement & suppliers actually have the same objective which is to develop win-win strategic relationships