6 key Supplier Relationship Management (SRM) issues to consider in emerging markets

1. Culture – understand culture issues and don’t assume anything. Change your thinking when working in other markets
2. Relationships – build long term relationships with suppliers and always act with the relationship in mind
3. Contracts – don’t assume all parties will read the fine print and try to avoid legal terms. Avoid disputes and ensure contracts are clear to all parties involved
4. Qualification – implement a supplier qualification process and make use of external agencies. Obtain the right expertise for the job
5. Training – arrange joined training sessions and focus on building supplier capability. Keep in mind there is a lot to learn from local suppliers
6. Contingency plans – develop contingency plans as on time delivery can sometimes be challenging. Communicate problems to key stakeholders