Third Party Supplier Relationship Management (3 P.L. S.M.S.)

Business and Marketing
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Third Party Supplier Relationship Management
In the recent past most companies have shifted to out sourcing of expertise and suppliers of different services needed in a firm from older ways of business where a firm handled all its operations which led to an overrun from competitors who outsourced their services. Firms can now have the best suppliers CITATION Jim08 \l 1033 (Jim Harvey and Peter Brudenall, 2008) handling their back-office operations such as information management as well as other operations such as data sourcing.
The third party supplier relationship is both beneficial to the company and the supplier in several ways such as cost efficiency, increased business value, innovation and wallet share CITATION Mat10 \l 1033 (Myers, 2010)
According to Myers, competition on product price cannot be depended upon to maintain customers and therefore, companies and suppliers have to be consistent on value delivery since this is the only way a buye...