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

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@article{1710316,
      author = {Geraldine Chika Nwokocha, Olakunle Babatunde Alao, Opeyemi Morenike Filani},
      title = {Strategic Vendor Relationship Management Framework for Achieving Long-Term Value Creation in Global Procurement Networks},
      journal = {Iconic Research And Engineering Journals},
      year = {2019},
      volume = {3},
      number = {4},
      pages = {412-427},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1710316.pdf},
      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},
      month = {October},
  }