Joint business planning brings key leaders from supplier companies and from Sam’s Club and Walmart to the table for shared planning at different time depths.
At its simplest, a joint business plan is a collaboration between retailers and suppliers in which both share insights and information, and then they work together to create a plan that benefits both — and the consumer.
Good communication and a sense of partnership between suppliers and buyers is always a plus, but JBP involves a deeper level of alignment and collaboration, as well as more sharing of data.
“This is not about being best friends,” Charles Redfield of Sam’s Club was quoted as saying. “It takes maturity, and is painful at times for both parties.”
However, it has been working out well for those who’ve embraced it.