Vendor Ownership: The Multiplier Effect
Retailers are increasingly recognizing the multiplier effect associated with vendor ownership. Improving management systems at 20 important vendors may allow the retailer to reduce their direct interactions with 100 factories, thereby freeing up their own team to be redeployed to work with core factories and/or shift to becoming subject matter experts on specific hot topics/risks.
The time seems to be right as more suppliers are looking to avoid surprises and the fire drill associated with a bad audit. They are looking for ways of getting in front of their audits They also see the potential business impact and marketing advantage to being seen as a leader in social responsibility.
Instead of conducting audits at every factory, what if you trusted your suppliers to manage responsible sourcing on your behalf? By taking a strategic approach to Supplier Ownership, brands and retailers can benefit from a multiplier effect.
- Suppliers will serve as partners instead of roadblocks Brands can reduce direct monitoring costs and reallocate resources toward initiatives that help move a responsible sourcing program beyond just audit
- Trusted suppliers who can manage expectations result in more proactive risk management for the brand
How can brands and retailers structure a strategic program to encourage and manage supplier ownership? Join ELEVATE for this special webinar for retailers and brands only to understand how a Supplier Ownership program might be structured, including:
- Minimum supplier standards for responsible sourcing
- Evaluation of Supplier responsible sourcing policies and procedures
- Validation of Supplier responsible sourcing activities
- Focus on transparency and continuous improvement