SUPPLIER DIVERSITY
How to Select Innovative Supplier Partners Using a 5-Step Project Management Approach
By Monica Johns
N
ow more than ever, supplier selec- tion must produce stellar results as
companies increase their focus on sup- ply chain management and push more requirements down the chain to their partners. Business continues, but with different strategies. Clearly, companies are viewing
changes in supplier management as a way to gain more value from their partners. Consequently, performance expectations are increasing, and com- panies are using their supplier partner- ships as a means of driving innovation. Using the right supplier selection tools can play a critical role in building val- ue-based relationships. So, how can you ensure a successful selection process? What is the Project Management
Approach to Selecting the Best Sup- pliers --- And How Will It Help Your Organization? The Project Management Institute
(PMI) model serves as an excellent framework for procurement activities. This structure can help procurement teams focus their attention on each key element in the selection process and identify the real treasures in their po- tential supplier base. The PMI model identifies five process groups teams can use to design and manage a value- based selection process. These are:
Initiating - Ensures the support of leaders in your organization so you can move forward.
1. 2.
3.
Planning - Critical for identifying all of your business needs.
Executing - Provides a structured approach for evaluating bids to guarantee desired results.
24 HISPANIC NETWORK MAGAZINE
4. 5.
tion.
Initiating -
The First Critical Step in
Selecting an Innovative Supplier Partner
Celebrating 18 Years of Diversity
Monitoring and Controlling - Forc- es you to evaluate and incorporate any new information.
Closing - Formalizes results and establishes a plan for implementa-
In the Initiating phase, the sourcing
of a product or service is approved and key players are identified, including stakeholders and the project team. This is critical in large organizations where a product or service such as a commu- nications process, for instance, touches a multitude of business units and func- tional groups. For example, the General Motors
(GM) dealer communications process involves approximately 10 constitu- ent groups within GM alone. When the dealer relations team needed to iden-
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