What does a typical lifecycle of a supplier relationship include?

The typical lifecycle of a supplier relationship is best encapsulated by the sequence of identification, qualification, onboarding, and evaluation. This process begins with the identification of potential suppliers who can meet the organization's needs, followed by qualifying these suppliers to ensure they meet the necessary standards and requirements. After identifying and qualifying suppliers, the next step is onboarding, where the supplier is integrated into the organization's processes, and both parties establish a working relationship. Finally, ongoing evaluation is crucial to ensure that the supplier continues to meet performance standards, adapt to changes, and align with the organization’s goals.

This comprehensive approach highlights the importance of each phase in establishing a successful and sustainable supplier relationship, ensuring that both the organization and the supplier can thrive and adapt together over time.