There are various considerations and approaches on how to implement Supply Chain methodology. M&Sconsider five elements for each company to have on the master list, to achieve outstanding performance of procurement function. The first element of the methodology is tools used in Procurement Management, which is weighted at 20% of the total score. The second component is Supplier Relationship Management, which is weighted at 20% of the total score. The third element of the methodology is Contract Management, which is weighted at 20% of the total score. The fourth important element is Development of the professionals supported through Training and Coaching plans, and also weighted as 20%. The last and probably could be the first one is Recruitment of Procurement professionals the delivery of all other listed elements depends on.
These five components are combined to generate a weighted average score for overall supply chain management success.
