Ep. 258, Chapter 3: Procurement Relationship Building with Tom Wells

19:39 – 26:29

Wells asserts that positioning your company as a "customer of choice" comes down to basic decency: treat suppliers with respect, understand their challenges, and focus on mutual benefit beyond mere cost. He explains that, while less sophisticated procurement prioritizes cost above all, a more effective approach in today's volatile world balances price with resilience and long-term value. Wells introduces the AQSCI acronym (Assurance, Quality, Service, Cost, Innovation) as a framework for engaging suppliers, emphasizing that a clear understanding of business needs and strong internal partnerships between procurement and business functions are crucial.