How to save money through suppliers without sacrificing the value they bring
Costas Xyloyiannis, CEO of supplier experience platform HICX, says brands can keep a competitive edge despite inflation. “Let’s help suppliers help us,” he says. Here’s how…
1. See suppliers as partners.
The best thing brands can do to cut costs through suppliers is to partner with them. This empowers suppliers to give their best, and when suppliers can give their best, brands are better placed to extract the value they need—such as quality ingredients, compliance information, and ideas for innovation—in addition to reducing costs.
Therefore, the solution to managing profits in inflation is not to squeeze suppliers. It’s to give them a helpful experience. If there is one thing brands really need in order to collaborate with their suppliers, it’s trustworthy data.
2. Build from the data up.
When better to establish dependable supplier data than the moment each new supplier is integrated?