NAFIS 2016: ‘Partner' with Vendors for Mutual Gains
If consumer firms and suppliers wotk as true business partners rather than just on a buyer-seller basis, users can get better deals, and vendors can leverage licensing opportunities.
"When I think about supplier relationships, they are transactional," said Alex Tait, director of market data services at the Canada Pension Plan Investment Board. "We hear from them once a year when the contract is due, or when we haven't paid an invoice, or when the prices are going up by 30 percent. A trusted partner is more than that: It's a deepening of the relationship. It's an opportunity to look at how we manage the relationship with that supplier."
Tait advised attendees to appoint a
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