These meetings review cooperation, to ensure we have good working procedures, a high level of communication and mutual trust. The review contains forwardlooking elements, in addition to the last years’ projects and purchases. A common scorecard is used to systematically evaluate the key elements of the relationship on a rolling basis.
By performing quarterly or half-year business review meetings, we secure mutual improvement and capture key lessons learned. This allows us to manage supplier risk, optimize our commercial terms, and reward supplier innovations. As always, we support and encourage open and honest communication in these sessions, in order to solve potential issues as early as possible.
We are finalizing the supplier review management plan for 2020 and it is our ambition to continue to cultivate strong supplier relationships, as we believe that this offers a competitive advantage to PGS going forward.