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26 October 2011 | Angeline Albert
Best Buy Europe (BBE) is working to collaborate with its suppliers and engage with them more.
This was one of three chief areas of improvement raised at a supplier conference organised by the electronics retailer’s newly created supplier relationship management (SRM) team. The other areas were that BBE could share information more and work with suppliers to find value-for-money solutions.
Hannah Gough, supplier relationship manager for corporate services, said BBE – which includes the Best Buy UK and Carphone Warehouse brands – is meeting strategic suppliers next month to see “what the next steps for SRM should be within the next six months, with those three main areas at the forefront of our focus”.
Established in April to improve relationships with the company’s key suppliers, the SRM team hosted its first conference on 11 October with suppliers in order to introduce themselves.
One supplier told the SRM team: "It was really good to see a client so keen to build good supplier relations and take note of the feedback given."
When attendees were asked to give their views of BBE, “many suppliers felt they had innovative ideas to create value, but no one to feed back to”, according to Gough.
This is changing, with BBE employees acting as single points of contact with providers. They hold monthly meetings with internal stakeholders and suppliers and document any issues raised.
SRM aims to deliver £1.5 million savings in 2011/12 against the overall sourcing and supplier relationship management department’s target of £17 million. Furthermore, a supplier awards scheme established by the company is due to be launched next autumn.
BBE spends around £600 million a year with goods not for resale (GNFR) suppliers and has around 7,000 providers on its preferred supplier list in Europe.