The ability of Siemens to deliver quality, availability, productivity, and innovation across the entire supply chain contributes greatly to our business success. For a cross-functional selection of our suppliers, we make sure we carefully choose them. This company continually develops faster than other companies, with products that are among the best on the market. Proven suppliers are able to sell to the global market through Siemens, a global technology leader. Additionally, they can continue to expand their product, solution, and service portfolios while simultaneously expanding their customer base.
A finance department at Siemens is responsible for supply chains
Its purpose is to facilitate the collection of receivables, regardless of their value, under attractive terms for a Siemens supplier independent of banks. A reduction in receivables administration costs can be achieved by optimizing cash flow and working capital. The Siemens Financial Services division also works with the business partners with whom the program is associated.
What to do when you’re ready for business
We use SCM STAR, a standardized IT application used throughout the company, to register and qualify suppliers. As outlined in our Code of Conduct, suppliers are required to register and provide all the required information. They also commit to following our standards and principles on sustainability in the supply chain. The modules that are completed are divided into various categories, including product/service portfolios. Examples include Corporate Responsibility Self Assessments (CRSAs) or commitments to comply with health and safety specifications, for example.
If these steps are successfully completed, suppliers are given the status of “Ready-for-Business” (R4B) and are invited to participate in electronic invitations to tenders and auctions.
Our combined efforts will enable us to improve even further
Collaboration with our suppliers enables them to develop new products and solutions in addition to focusing on innovation. In conjunction with our strategy, our company conducts performance and risk assessments that form the basis of our development measures. Target agreements outline our goals, and they are established through collaboration with our suppliers. This can only be achieved if they optimize their performance and cost position, in addition to identifying and mitigating any risks at an early stage. To ensure our competitive advantage in a rapidly changing environment, we continuously strive to improve ourselves.
Our efforts can create value when we work together
Taking full advantage of global purchasing markets while maintaining dependable, end-to-end supply chains is possible with Siemens Supply Chain Management. We choose carefully which suppliers to partner with for this reason. With them, we help our partners and customers to succeed in a meaningful and lasting way. Our competitive advantages are therefore significant.