"Urgent need" to improve business review processes

The newly commissioned research proves the urgent need for facilities management, logistics and process outsourcing suppliers to improve their business review processes if they want to continue to grow and retain their customer accounts. The findings uncover critical gaps in how these suppliers communicate with key buyers and shows why opportunities for growth are being missed.

71% of senior stakeholders in supplier businesses point to Quarterly Business Reviews (QBRs) and regular review meetings as their number one opportunity to evidence consistent value and innovation to buyers – and 68% of these buyers agree. Yet the research showed that suppliers are struggling to demonstrate their value in these meetings, with the majority expressing concerns about current review practices. Missing the mark on QBRs can be costly, as a lack of feedback and insights from buyers has led to more than half (54%) of suppliers experiencing unexpected contract loss in the past two years.

Many suppliers report their QBR meetings fail to focus on value and innovation, with just 21% feeling confident that key buyer stakeholders fully understand what they deliver. The impact is significant, as 80% of suppliers fear profit margin erosion if they fail to consistently prove their value, and 67% report being forced into price-driven negotiations at renewal.

James Ward, CEO of Clientshare, described the research as a wake-up call for suppliers: "It’s alarming that only a fifth of respondents are totally confident that they are effectively demonstrating the value and innovation they deliver to buyers. This should be one of the primary objectives of every single review meeting and the foundation for a strong and enduring relationship.” 

Ward emphasised the importance of effective and efficient QBRs in driving better business conversations, cross and upselling accounts, and reducing churn.

Doug Janikiewicz, managing director at CBRE, added his insights on the role of QBRs in improving supplier-buyer partnerships: "Without doubt, our approach to QBRs helps to build trust with customers and this makes them more open to working more with us. Crucially, customers are now trusting us to take on new types of project work which move our services into capital expenditure as opposed to being an operating cost. And this is hugely positive for our business.”

The whitepaper also features commentary from other industry experts, including Dan Eckett, client solutions group director - UK&I at SEKO Logistics; Maggy Thorvardardottir, director of global service management practice at Ricoh Global Services; and Jason Bendell, partnership retention director at Compass Group. These contributors share their expertise on how a focus on high-quality QBRs builds trust, enhances customer engagement through feedback and provides invaluable insights.

A world-leading customer experience based on honest feedback and ongoing conversations is essential for enterprise businesses who wish to grow and retain their accounts. ‘The QBR Frustration’ highlights the work that best-in-class suppliers still need to do to make the most of the regular review meetings they hold with their buyers. With the support of platforms like Clientshare Pulse, these companies can better position themselves within a competitive market by providing a world-leading customer experience through better business reviews. By taking this research onboard and transforming theirQBR processes, suppliers can demonstrate their value more easily and effectively, present new opportunities for innovation, and encourage an effective two-way dialogue with their clients.

To download the full version, visit hubs.la/Q034HFnp0