During the pandemic, the productivity gap between the best and the rest has grown from 40% to nearly 50%, according to recent research from Bain & Company. Effective virtual strategy development and deployment, planning, and operational execution have given firms that do it well even more of an advantage over their competitors. The pandemic made the best better and the rest worse.
Customer organizations have in many cases worked effectively with suppliers virtually for years due to suppliers being in remote low-cost locations. However, consumers of supplier services have often had a much less structured relationship with the governance team, relying on casual conversations, face-to-face meetings, etc. The relationships that can keep everyone aligned and informed without conducting endless virtual meetings are the most productive.
Studies show collaboration really does move the needle for companies that do it well -demonstrating higher growth, lower operating costs, and greater profitability.
Join the IAOP community online on October 27-28 for GOV21 and learn how to embrace sourcing governance and improve your existing customer/supplier governance programs.
OCTOBER 27-28, 2021 (ONLINE FORUM)
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