S is for Successful Supplier Relationships!
As a result of the economic downturn over the past few years we have seen a steady increase in the co-sourcing and outsourcing of meeting and event services in the corporate setting. More and more companies seem to be reducing their internal staff and augmenting with 3rd party meeting planning companies, travel management agencies and other Strategic Meetings Management service suppliers. This has created a need for companies to create successful supplier relationships in order to manage their business effectively, efficiently and within expectations. In procurement terms this is referred to as "Supplier Relationship Management", which is a thoughtful and systematic process for integrating suppliers into your business and ensuring their success on your behalf throughout the life of the relationship. Therefore, Supplier Relationship Management (SRM) needs to be a part of the design of your SMM program, not an afterthought.