Which of the following is a benefit of effective supplier relationship management?

The benefit of effective supplier relationship management, highlighted by improved collaboration and cost savings, indicates the importance of fostering strong partnerships with suppliers. When organizations engage in effective supplier relationship management, they establish open lines of communication and enhance collaboration. This collaboration can lead to joint problem-solving, innovation, and shared efficiencies, which ultimately contribute to cost savings.

Additionally, a strong relationship with suppliers can lead to better negotiation outcomes, reduced lead times, and more favorable payment terms, which can further impact the overall cost structure positively. The synergy created through collaboration often leads to shared goals and a mutual understanding of each partner's challenges and capabilities, resulting in enhanced performance for both parties.

In contrast, increased production speed, lowering employee turnover, and reduced marketing expenses may stem from other operational areas but are not direct benefits of effective supplier relationship management. These elements, while important to overall business efficiency and success, do not specifically align with the core objectives and outcomes associated with managing supplier relationships.