Trendy in Business [6th December 2007]

[6th December 2007]

This is a report written by intern Carrie Huston Webb about the PSL reception at the House of Lords Terrace.

PSL is a group that aims at making supply lines shorter. Their goal is to move from ‘confrontational to collaborative relationships.’ Through this they hope to drive down costs, shorten the length of time it takes a product to reach the market and creating a competitive advantage.
Today PSL is involved more with managing business relationships. They do this by assisting organizations as they form partnerships, sharing practices that worked for other firms, and providing guidance along the way.
PSL was established in 1990 by the Department of Trade and Industry and also the Confederation of British Industry. Over the last 16 years they have created many models including the very popular CRAFT. CRAFT ‘is a structured methodology for relationship management, whose application is relevant to all organisations… no matter what stage of development their relationships have reached.’
Very recently the British Standards Institute chose CRAFT as the method used for the future coming course ‘Business Relationship Management.’ This means that not only members of PSL will benefit from their knowledge.
PSL is lead by Rt. Hon John Prescott MP, CBI’s Andy Scott, Lord Berkeley, Barry Sherman MP, and the Chief Executive Les Pyle.