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Effective supplier management is essential for optimizing supply chain operations and ensuring quality and reliability. Key practices include rigorous evaluation and selection of suppliers based on criteria such as quality, reliability, and cost-effectiveness. Building strong, transparent communication channels and fostering collaborative relationships with suppliers are also crucial for driving innovation and achieving mutual benefits. Additionally, implementing robust risk management strategies, such as diversifying suppliers and establishing contingency plans, helps mitigate potential disruptions. Overall, successful supplier management requires a systematic approach to sourcing, nurturing partnerships, and adapting to market dynamics to maintain competitiveness and operational excellence.
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