How BASF and 3M developed a lasting business relationship
Each year, Valuecreator honors outstanding Triple Fit cases with the annual Value Creation Award. When Alan Weinstein was Global Account Manager at BASF for 3M, he won the category “Customer Impact”. In the following article, we briefly describe the steps Alan took and how the Triple Fit Canvas helped him to achieve his goals.
During those three years, BASF achieved a 15% CAGR and was awarded supplier of the year by 3M with special recognition by BASF leaders. Peter Eckes, Executive Vice President, BASF, says, “This award represents the common mindset across both companies and strong cooperation between our global R&D organizations. We will continue to work together in support of innovative ideas that will help us rapidly bring new products to market and accelerate growth.”
The initial impulse for Alan’s value creation project came from a quote by the VP and General Manager, Global Sourcing at 3M, who stated in early 2017: “You are one of our top suppliers globally. If you really want to differentiate BASF, help us grow in Asia.” Using the Triple Fit Canvas as a first step to describe the total business relationship, Alan developed a global commercial network aiming at the untapped potential of 3M business across different BASF units. Two years later, BASF had achieved all goals and became a global commercial innovation partner for 3M worldwide.
“Supplier collaboration is critical to supply chain success,” says Debora Fronczak, vice president, 3M Strategic Sourcing. “We are fortunate to work with great suppliers who are committed to fostering a relationship with 3M. These partnerships help us to serve our customers with innovative and valuable solutions. It’s important that we recognize our most outstanding suppliers, and that’s what this award is all about.”
“To be recognized as 3M’s Supplier of the Year for Technology & Innovation is quite an honor,” notes Alan Weinstein, BASF Global Key Account Manager & Customer Network Leader for 3M. “And it’s also great to win the award. The Valuecreator program I attended was integral in helping us to achieve a common mindset across both organizations.”
Reflecting his experiences with the Triple Fit Canvas, Alan Weinstein concludes: “The strong cooperation with Valuecreator allowed us to use tools such as the Triple Fit Canvas to focus on the development of key strategies for business development by region globally. It then enabled BASF to engage successfully with 3M’s diverse technology network that was instrumental in creating a sustainable project pipeline that will help rapidly bring new products to market and accelerate growth. Building on the experiences of the 3M case, BASF has now launched a new global strategy that includes a series of customer networks with strong executive support to drive further growth.”