Strategic relationship management

The Importance of Stakeholder Relationship Management

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SIG University Certified Sourcing Professional (CSP) program graduate Patrick Fifer shares how important it is to manage your direct stakeholder relationships in the sourcing world.


Throughout the Certified Sourcing Professional program, stakeholder management was a critical aspect interwoven throughout the lessons. It is the area that I would like to focus on for my blog submission. As a sourcing professional, it is of the utmost importance to manage each of your stakeholder relationships equally to ensure that your categories' sourcing process is maintained appropriately. A consistent approach to managing each of your stakeholder relationships will help to avoid the exclusion of the sourcing professional due to the stakeholder:

Patrick Fifer, Category Procurement Manager, CoStar Group, Inc.

The Impact of the Pandemic on Strategic Relationship Management & Governance

Beyond the terrible human tragedy that COVID-19 represents, the pandemic has staggered economies, forcing businesses to re-examine every aspect of their operations.

Strategic relationship management and governance (SRMG) in the absence of a strong operational framework can be challenging in the best of times. As we are all too aware, these are not the best of times. Over the past six months, we have faced enormous challenges; the speed of change and the need for quick decision-making is unprecedented. 

As the world struggles to recover and our workplaces, global supply chains, manufacturing and logistics cautiously rebound from the first wave of the COVID-19 pandemic, we are grappling with what the future holds.  Our strategic relationships will require flexibility and scenario planning that incorporates significant uncertainty as we face challenging times ahead.

Partnerships between clients and service providers are being tested like never before. These partnerships require an SRMG framework that adapts quickly to change. You should identify pain points as well as processes or services that must be added or changed to accommodate shifting priorities and workplace requirements.

The pandemic raises many critical questions that must be addressed as we consider what the workplace of the future will look like, and strong SRMG will be essential.

Here are a few critical questions to consider:

Does your contract with your strategic partner have the flexibility you need in the current environment?

Every business has had to adjust during the pandemic. Is your contract holding you to an agreement that doesn’t make sense in the current environment, or requiring your partner to perform in a way that doesn’t suit your current needs? It may be time to renegotiate a new contract that has the flexibility that you and your strategic partner require.

Ingrid Finn, President and CEO, Sireas, LLC