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This study discusses the value-creation potential of supply management in firms, highlighting the significance of buyer–supplier collaboration, as well as resources and capabilities in the process. It is a conceptual study that builds on the theoretical basis of the resource-based view and the value net approach. Given the critical role of supply management in generating value the strategic emphasis in future should be on triple value creation. It is concluded that this cannot be achieved by focusing only on dyadic relationships or relationships in chains, and that supply relations should be viewed in a wider network context.

Purchasing and supply management has traditionally been a support function in firms, characterized by transactional buying and short-term supplier relationships. Given the increasing demands of end customers, however, there have been pronounced developments in buying activities and the management of supplier relationships. Several previous studies (see Carr and Smeltzer, 1997, Carr and Smeltzer, 1999a, Cousins and Spekman, 2003, Ellram and Carr, 1994, Kocabasoglu and Suresh, 2006, Rozemeijer et al., 2003 and Zheng et al., 2007) acknowledge the strategic function of supply management in enhancing competitiveness. Strategic supply management has been found to correlate highly with the firm's competitive advantage and business performance (Yeung, 2008). Furthermore, given that purchases comprise the largest single expenditure item in most firms, the ability to control costs is critical to their financial success (Zsidisin et al., 2003). Supply management has clearly become an increasingly influential success factor, and there have been significant improvements in performance along with the recognition of its strategic nature. Recent studies on strategic supply management approach the discussion from the perspective of value creation in business. To the extent that supply management is responsible for finding the most valuable and appropriate suppliers as well as for supplying raw materials and products efficiently, its significance in value creation is substantial. If it is strategic and efficient, it can generate many benefits and cost savings, thereby creating more value. Value is therefore increasingly relevant as a concept from this perspective (Lindgreen and Wynstra, 2005). Moreover, the enhanced understanding of value that emanates from the supplier network (Harland et al., 2004) and the fact that unique value can be created when companies collaborate and combine their competences and capabilities (Amit and Zott, 2001, Borys and Jemison, 1989, Bovet and Martha, 2000 and Harrison and Håkansson, 2006), have boosted research on the connections between supply management and value creation. In this world of business networks the traditional view of value creation as based on value chains has changed and the focus is increasingly on value-creating networks. The value net model was developed to facilitate the analysis, description and study of value-creating systems, and takes activities rather than companies as the key elements of strategic analysis (Parolini, 1999). However, research on value nets has rarely been connected to studies on supply management even though the current business environment clearly requires companies to create value through their supply activities and supplier networks, and to create it more efficiently. As Zhang and Chen (2008) found, value co-creation with suppliers positively influences the buying firm's customization and service capability, and thus may highlight new sources of competitive advantage. Given the increasing role of supplier networks and supply management in many firms, and the consequent search for new business models through which value can be created and high levels of success and performance achieved, this conceptual study focuses on the potential of supply management in value creation. The objective of this paper is to describe and clarify the value-creation possibilities that are inherent in supply management, and to highlight the significance of collaboration, resources and capabilities as critical parts of the process. We develop a conceptual framework that connects supply management, value creation and firm performance, and competitive advantage. First, however, we need to establish the theoretical foundation, which lies in the resource-based view and the value net approach.

The focus of this conceptual study is on the value-creation possibilities offered by supply management. It highlights the significance of buyer–supplier collaboration as well as resources and capabilities as a critical part of the value-creation process. The resource-based view is adopted and the critical role of resources is acknowledged. Furthermore, as Lakemond et al. (2004) suggest, it is accepted that value is created in a network and not by a single company, and that it is created through combining the unique resources and capabilities of network actors. Thus, the discussion concerns the value net as a value-creation model and a context for buyer–supplier collaboration. According to Huemer (2006), the value chain and value net models together constitute the basic logic of the supply relationship, although different business models may co-exist in creating efficient relationships, thus creating value-logic interactions. On the basis of the present study, we agree with the findings of Huemer (2006) and share the opinion that different models may co-exist, and that value chains may be the building blocks of value nets, for example. However, we also endorse the criticism of the value chain model (e.g., Hines, 1993, Kothandaraman and Wilson, 2001 and Parolini, 1999), and argue that pure chain-based value-creation logic is not efficient in the current dynamic business environment, and a more developed model based on networking is needed instead. Moreover, we do not believe that efficient supply management can be achieved by focusing only on dyadic relationships or relationships in chains: supply relations should be viewed in a wider network context. Several other authors (e.g., Anderson et al., 1994 and Choi and Wu, 2009) have presented similar arguments regarding the importance of the network context. These conclusions raise the question of how to measure and study further the potential of supply management in value creation. It is difficult to operationalize this potential due to the multidimensional nature of supply management, and further empirical evidence is required. The problem is to find a valid scale on which to measure value-creation ability. One potential solution arises from combining the research streams followed in previous studies and the prevailing understanding of supply management's strategic position in the firm. We further suggest that supply managers should not focus solely on value creation for their own company, and should emphasize so-called triple value creation, meaning that the function as well as the whole firm should aim at creating value for suppliers and customers as well as for themselves. The effectiveness of triple value creation is one of the basic assumptions behind the value net model, and if companies are willing to develop their supply networks in this direction it should be the ultimate goal. This could be challenging for supply management, however, because instead of focusing on short-term revenues and transactions it should also acknowledge the significance of long-term collaboration involving trust-based information sharing and commitment. It is therefore proposed that the underlying value-creation potential of supply management lies in (i) the knowledge accumulation built on relational exchange covering the collaborative supplier relationships and inter-firm learning, (ii) an understanding of end-customers' needs and (iii) supply management being as a strategic asset of firm. Fig. 3 shows the framework of triple value creation. The findings of this study indicate that value creation in firms is enabled through the unique combination of resources, competences and capabilities, which moreover requires collaboration among partners. Thus, we argue that value is not created efficiently in purely transactional arm's-length relationships. This does not mean that there is no value creation in these relationships, of course, but the level could be much higher. These findings are in line with those of Hammervoll and Toften (2010), who suggest making a distinction between value creation in transaction-based and interaction-based arrangements. Furthermore, the responsibility of supply management is to seek potential collaborative partners and to identify opportunities for collaboration and, moreover, value co-creation. Determining the nature of the supplier relationship is one of its most important tasks. It is also responsible for finding suppliers that can offer the resources, competences and capabilities the firm requires, thus access to other firms' resources is an indicator of successful supply management. In conclusion therefore, we argue that the value-creation potential of supply management is significant, and that the focus should be on strategically important triple value creation. This will also have positive effects on the firm's competitiveness, performance and competitive advantage.