13 ways sustainable sourcing and procurement drive ESG efforts
The strategic sourcing process is a cycle, so it cannot be done once and forgotten about. A cycle approach to […]
Procurement 101
Reading time:
5 minute read
Written by
Majdi Sleimen
Before we begin reviewing the attributes of good suppliers, let's fly high with fighter jets.
These aircraft have very specific capabilities: they're designed with powerful jet engines, lightweight fuselages, and are able to perform tight maneuvers in a split second. When flying in an airshow, aerial acrobatics are precisely controlled and coordinated in unison with other jets, a visual testament to each pilot's skill. A huge amount of technical expertise, leadership, effective communication, and safety is required.
Now let's pretend these jets never leave the tarmac. How could spectators ever realize their performance potential? The simple answer is they wouldn't. To extend this logic, suppliers should be evaluated by both their pending capabilities and how they perform after they've caught your attention. Avoid limiting your considerations to hypothetical abilities and include expectations of quality, efficiency, and compliance.
In no particular order, here are the top 5 criteria to evaluate when determining the caliber of your suppliers. Keep in mind that high-quality suppliers will enable companies to achieve improved product consistency, lower inventory levels (minus inconvenient out-of-stock issues), lower overall costs, less stress, greater process efficiency, and ultimately a more respectable brand.
These five categories will allow companies to identify suppliers that are ready to take off and elevate procurement to its cloud-worthy status.
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