supplier-engagement

Vocabulary Word

Definition

Supplier Engagement is a process where a business communicates and negotiates with its suppliers. The goal is to get the best products or services at the best prices, and to ensure ethical and fair trading practices.

Examples in Different Contexts

For product development, engaging suppliers early in the process can lead to innovative solutions and cost savings. A product developer might explain, 'By involving our suppliers in the design phase, we tap into their expertise to enhance product quality and efficiency.'

Practice Scenarios

Business

Scenario:

Cost reduction has become a priority for our company. We may need to reconsider our relationships with suppliers.

Response:

Absolutely agree. Maybe our next move should be improving supplier engagement to negotiate better terms.

Sustainability

Scenario:

Our goal is to become carbon neutral. This would necessarily involve ensuring that our suppliers share our commitment to the environment.

Response:

Right, we should strengthen our supplier engagement to enforce our sustainability standards.