What is Supplier Recognition? How is it important to a firm? In what way can a firm recognize its suppliers?
Supplier recognition is identifying those suppliers who have made considerable contributions to the company and added good value to the company. In other words, it is rewarding the suppliers who have performed the best.
This is important to firm for various reasons such as:
> Suppliers would feel that their contribution is being recognised and would perform the same or even better in the future
> Helps is maintaining long term relationships with the best suppliers
> The firm would also get to know where each supplier stands when analysis is done to identify the best
A firm can identify the best based on various parameters like service level, timely deliveries, quality products , etc, Then, firms can call for a meeting of all suppliers and employees and reward the best suppliers during the meeting.
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