End an industry engagement
- At the end of an industry engagement, you should communicate your findings to suppliers.
- It’s important to evaluate how effective the engagement has been.
- Where the engagement is ongoing, you should carry out regular reviews.
- Ideally, an industry engagement’s value should extend beyond the life of one procurement activity.
How to end an engagement
Most industry engagements should come to an end at some stage. When they do, you should share their outcomes with suppliers who participated.
If an engagement is ongoing, you should review it annually or at significant points in time. During this review, make sure the goals of the industry engagement strategy are still relevant to your needs.
Evaluate the impact of engagement
Industry engagement is effective when it helps you meet your needs through an innovative and competitive procurement process. To make sure of this, you should evaluate every industry engagement.
As a minimum, your evaluation process should consider:
- whether the engagement met your objectives
- what benefits were achieved
- whether anything should be done differently in future engagements.
This isn’t a full list but it provides a base from which your evaluation process can evolve.
Provide feedback about the engagement
Industry engagement helps you improve and promote your procurement activities. Because potential suppliers play a key role in this process, you should provide them with feedback on the value and relevance of their contributions.
Feedback helps suppliers benefit from the industry engagement process. It also shows your commitment to working with industry.
Every industry engagement should stay relevant beyond a single procurement activity.
By maintaining ongoing strategic relationships with key suppliers and stakeholders, you can keep a finger on the pulse of the market. This will help you stay ahead of changing market conditions.
It will also give your suppliers the potential to continue to provide ongoing feedback on your procurement strategy and policies.