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Supplier selection and management
How do I source the best supplier for my business? Find helpful resources in our guide to supplier selection and management.
Effective suppliers meet your needs – great suppliers exceed them. It goes without saying that poor suppliers can not only slow your growth, but they can materially harm it. Getting the right supplier means you can compete on what’s crucial for your business, whether it’s cost, quality, speed, service or other measures.
Whether you’re a large or small enterprise, choosing the right suppliers is one of the most important decisions for operating successful, and finding them, knowing what to look for and selecting them requires careful thought. The following supplier selection and management resources give insight on the number of suppliers you should evaluate, who should do the evaluation, and the most effective way to manage the relationship on an ongoing basis.
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WHEN: You’re considering outsourcing or need a supplier and want to get a comprehensive overview of what’s available.
WHY: Understanding how the whole process works helps you think of your supplier requirements, ensuring you have a better chance of choosing the right one.
WHAT: A short guide on the key stages in supplier selection and ongoing management.
WHEN: You need a supplier and are looking for some ideas on where to find them.
WHY: Initially reaching out to a wide selection of suppliers helps you shortlist the best ones and develops your market knowledge, aiding your negotiating position and internal business development capability.
WHEN: You’ve decided you need a supplier and you have a good idea of a shortlist of firms and now need to formalise the selection process.
WHY: Approaching supplier selection in a structured way helps you and the suppliers know exactly what you need. This helps you get the best service at the most competitive price.
WHAT: Detailed step by step process and guidance for identifying and evaluation of suppliers.