Supply Chain Solutions No.4 – How to find Suppliers?
Once the sourcing project is defined and finished product or raw material specifications, quantity, target pricing and timeline established. It is time to source a supplier that matches your business and brand need.
There are several ways to source new vendors;
- Trade Fairs
- Professional Organisations
When looking for a supplier don’t just find one and hope for the best. Find a variety of suppliers that on the surface can deliver your needs.
Request vendor business information through a standard vendor assessment form before you visit. Send the product information that you are sourcing, get cost breakdowns to check their pricing and see if it meets your target objectives
Evaluating proposals from vendors, don’t be afraid to ask questions. Just like hiring a full-time employee, selecting a supplier is a very subjective experience. Engage in a dialogue, if you have any concerns about a vendor’s specific capabilities, voice your concerns. Be specific and get the answer you need.
If you feel the vendor is a good fit on paper, the next stage may be to get additional samples and pricing before visiting the vendor and conducting a physical evaluation.
ID Global Concepts are experts in supply chain management. We add value to your supply chain through consultancy or management contract to ensure the business has the best practice systems that are the right fit for your business, customer and meet your value expectations.