What is a TPSM Plan?
A Third Party Supplier Management (TPSM) Plan is a strategic plan that outlines strategies for evaluating, onboarding, and maintaining relationships with suppliers. It is a comprehensive plan that contains detailed objectives, actions, and measures to ensure the success of the supplier relationship. The plan also identifies key performance indicators (KPIs) that can be used to track progress and measure success.
What's included in this TPSM Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the TPSM Plan template for?
This TPSM Plan Template is specifically designed for organizations looking to build a comprehensive plan for managing supplier relationships. The template provides an easy-to-follow structure for outlining objectives, actions, and KPIs for each focus area. It also offers guidance on how to set measurable targets and projects in order to achieve those KPIs.
1. Define clear examples of your focus areas
The focus areas in a TPSM Plan are the core topics that will be addressed in the plan. Examples of focus areas include Evaluate Suppliers, Onboard Suppliers, and Maintain Supplier Relationships. Each focus area should be broken down into specific objectives, actions, and measurable targets.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that you are trying to achieve with each focus area. For example, under the Evaluate Suppliers focus area, objectives could include Streamline Supplier Vetting Process and Establish Supplier Risk Evaluation.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are measurable targets that can be used to assess progress and evaluate success. For each objective, you should set a target that can be tracked and monitored. For example, a KPI for the Streamline Supplier Vetting Process objective could be to reduce supplier vetting time by 10%.
4. Implement related projects to achieve the KPIs
Projects, also known as actions, are the specific initiatives that need to be completed in order to achieve the objectives and reach the KPIs. For example, under the Streamline Supplier Vetting Process objective, an action could be to develop an automated supplier vetting process.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a comprehensive software platform designed to help organizations develop and implement effective strategies. With Cascade, you can create custom TPSM Plans, track progress, and measure success in real-time, allowing you to see faster results from your strategy.