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SheilaDubinValueManagedRelationshipsDecember1998Author:ValueManagedRelationships2Aftercompletingthismodule,youwillbeableto:•UnderstandVMRconceptandapplication•ArticulatetypesofcostsavingsopportunitiescreatedbyVMRs•UsetheBainframeworktoconductaVMR•RefertorealexamplesofBain’sVMRprocessandsuccessValueManagedRelationshipsObjectivesValueManagedRelationships3a.tr•VMRConcept•VMRKeySuccessFactors•VMRSourcesOfValue•BainVMRProcess•Example•KeyTakeawaysAgendaValueManagedRelationships4AValueManagedRelationship(VMR)isafullpartnershipbetweenacustomerandasupplier.Itsgoalistomaximizequalityandminimizetotalsystemcostsofdoingbusinessthroughcollaborativesharingofinformationandresources.AVMRcreatesawin/winrelationship.VMRDefinitionValueManagedRelationships5“Partnership”TrueVMRProcurementStrategiesValueManagedRelationshipSoleSourceVerticalIntegrationCompetitiveBidShort-termContract/SpotLong-termContractAVMRisoneprocurementstrategytomaximizecostsavingsandstrategicvalue.WhatisaVMR?ValueManagedRelationships6•AValueManagedRelationshipcanexceedthevaluepotentialofbothverticalintegrationandtraditionallynegotiatedarm'slengthtransactions:–aconsolidationofpurchasestooneorfewsupplierswhoarecapableofmaintaininglongtermcompetitiveeconomics,highqualityandefficientdelivery–participantsmustsharesinglegoalofachievinglowestindustrysystemscost–savingsshouldbesharedtoprovidemutualongoingincentivestoeliminateredundanciesAVMR,whenappropriate,exceedsthevalueofallothertypesofrelationships.HowDoesaVMRWork?ValueManagedRelationships7a.tr•Fragmentedsupplierbase,sporadiccommunication•Singleorsmallnumberofsuppliers,frequentcommunication•In-housesupply,communicationfrequentTraditionalArmsLengthApproachVerticalIntegration•Investmentsbaseduponmanufacturer'sneeds•Potentialforcustomizedinvestmentinfacilities/equipment•Mayrequireinvestmentinweakstrategicbusiness•Adversarialbidnegotiationstoobtainlowestunitprice•Long-termcommitmentfocuseduponlowesttotalsystemscostusingvaluechainperspectives•Focusdrivenbyinternalincentives/transferprices•Separateproductdesign•Jointproductdesignandcrossfunctionalparticipation•JointproductdesignoftenatoddsVMRVMRscanexceedthevalueofbothtraditionalcontractsaswellasverticalintegration.StrategicPurchasingOptionsValueManagedRelationships8HighPotentialHighLowHighLowPurchasingvolume(relativetototalsuppliersales)Value-added/engineeredlevel•Productredesign•Materialsubstitution•Productredesign•Materialsubstitution•Volumediscount•SystemcostimprovementModeratePotential•Volumediscount•SomesystemcostNo/Littleopportunity(needtocluster)VMRsaremostappropriatewherehighvolumeandsignificantvalueaddedoccurs.Medium/lowpotentialWhereAreVMRsAppropriate?ValueManagedRelationships9•Largedollarpurchase•Highlevelofvalue-addedcostinproduct•Fragmentationacrossmanydivisionsandsuppliers•Clientrepresentssignificantpartofindustryoutput•Industrycompetitiveintensityhigh:–capacityutilizationdropping–consolidationinprogress–manynewplantslookingforvolume–historicalindustrypriceumbrellasVMRsaremosteffectiveinlargedollar,highvalueaddedproducts.InWhichCategoriesAreVMRsMostEffective?ValueManagedRelationships10Consolidatevolumeinlong-termpartnershipIncreasedpaceofinnovationleadstostrategicbenefitsforbothEnsurescontinuedsupplyforbuyerandcapacityutilizationforsupplierCommitmentandscalejustifiesjointinvestmentincostsavingsandR&D/technologyJointeffortsleadtosystem-widebenefitsforbothAddedvalueleadstomorereasonstocollaborateAsuccessfulVMRwillcontinuetocreatevalueastherelationshipprogresses.ValueCycleValueManagedRelationships11a.trVMRscreatevalueforthebuyer.•Higherqualityandfewerrejects•Superiorservice•Partnerinjointsystemcostreduction•Innovation•Technologicalexpertise–packageperformanceimprovements–specconsolidation–productredesignandmaterialssubstitution•Pricingcommensuratewithlarger,longervolumecommitments•CommitmenttocontinuousimprovementofthepartnershipValueOfVMRs—BuyerValueManagedRelationships12VMRscreatevalueforsuppliers.•Largervolumesinfeweritems–longerrunlengthsandfewerset-ups–highercapacityutilization–learningcurvebenefits•Stablelongtermdemand•Sharinginbuyer’sstrongcommitmenttofuturegrowth•Partnerinjointsystemcostreduction•Resourcesandstabilitytoinvestintechnology•CommitmenttocontinuousimprovementofthepartnershipValueOfVMRs—SupplierValueManagedRelationships13LabSuppliesMedicalSuppliesFlexiblePackagingGasesPunchesandDyesDrinksPackagingOfficeSuppliesSBSFoldingCartonsElectricalSuppliesRigidInjectionMoldedPlasticProductsCorrugatedBoxesFreightFlexPackagingThermoformedPartsMotorsAutomotivePartsMoldedPlasticBottlesPowerEquipmentProductsRecycledPaperboardCartonsBrickGlassOilsandLubesChemicalsDextroseCoalBicyclePartsAdhesivesResins47%37%33%33%30%30%27%25%22%22%19%19%18%17%16%15%15%13%12%12%11%10%10%9%8%7%7%0%10%20%30%40%50%CostSavingsasaPercentageofSpendingVMRshaveaveraged15%to20%costsavings.AverageRangeBainExperienceinVMRsValueManagedRelationships14a.trAlthoughthevaluemanagedrelationshipcanbesophisticatedandcomplex,theresultsarequantifiableandsimple.•100%ofvolumewithonesupplierforth