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World Class Procurement Definitions A forum for defining key terms / definitions as it applies to World Class Procurement and Supply Chain Management

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Old 08-18-2006, 08:43 PM
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A strategic partnering relationship between suppliers and buyers is characterized by a willingness to be open, and to share forecasted demand and cost data as well as the benefits resulting from the information sharing. Both parties in the relationship generally follow a continuous improvement philosophy towards total cost of material acquisition and ownership along with quality and service. Cost, quality and schedule information that is confidential is shared both ways between firms during the early and ongoing stages of design and during the production life-cycle of the supplying relationship. This openness exists because of the high degree of trust earned through multiple successful interactions between the two organizations.

Sources: http://www.capsresearch.org/Dobler, D.W., & Burt, D.N. (1996). Purchasing and supply management. (6th ed.). New York: McGraw Hill.
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