Strategic Vendor Relationship Management Framework for Achieving Long-Term Value Creation in Global Procurement Networks

• Author(s): Geraldine Chika Nwokocha ; Olakunle Babatunde Alao ; Opeyemi Morenike Filani
• Paper ID: 1710316
• Page: 412-427
• Published Date: 31-10-2019
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 3 Issue 4 October-2019

Abstract

In an increasingly interconnected global economy, procurement networks face mounting pressure to achieve sustainable competitive advantage through effective vendor relationship management (VRM). This paper proposes a strategic VRM framework designed to foster long-term value creation within global procurement networks by integrating supplier performance analytics, collaborative innovation practices, and adaptive governance mechanisms. Drawing upon multi-sector case studies and comparative analyses of procurement practices, the framework aligns organizational procurement strategies with long-term supplier development and joint value propositions. The research highlights the interplay between trust-based partnerships, risk-sharing mechanisms, and data-driven performance measurement in mitigating supply chain vulnerabilities. The findings provide actionable insights for procurement leaders, enabling them to navigate complexities in global sourcing environments, optimize resource allocation, and co-create value with strategic suppliers. This work contributes to the literature on supply chain management by articulating a comprehensive VRM model that advances both operational excellence and strategic resilience in a dynamic market landscape [Z1]–[Z5], [E1]–[E5].

Keywords

Vendor Relationship Management, Value Creation, Global Procurement, Supplier Collaboration, Supply Chain Resilience, Strategic Sourcing

Citations

IRE Journals:
Geraldine Chika Nwokocha , Olakunle Babatunde Alao , Opeyemi Morenike Filani "Strategic Vendor Relationship Management Framework for Achieving Long-Term Value Creation in Global Procurement Networks" Iconic Research And Engineering Journals Volume 3 Issue 4 2019 Page 412-427

IEEE:
Geraldine Chika Nwokocha , Olakunle Babatunde Alao , Opeyemi Morenike Filani "Strategic Vendor Relationship Management Framework for Achieving Long-Term Value Creation in Global Procurement Networks" Iconic Research And Engineering Journals, 3(4)