locating dependable suppliers is part of what process
acquisition process
Locating dependable suppliers is part of the procurement process.
Locating dependable suppliers is part of the procurement process. The procurement process involves finding, selecting, and managing suppliers that provide the goods or services needed by a company or organization. It typically includes several steps:
1. Identify needs: Determine the goods or services that are required to meet the organization's goals and objectives.
2. Supplier identification: Conduct research to identify potential suppliers that can fulfill the organization's needs. This can be done through online searches, industry directories, trade shows, and referrals from business partners.
3. Supplier evaluation: Assess the potential suppliers based on various criteria such as their reputation, financial stability, quality of products or services, ability to meet delivery schedules, and their compatibility with the organization's requirements.
4. Supplier selection: After evaluating the potential suppliers, choose the ones that are most suitable for the organization's needs. This can involve requesting proposals, conducting interviews, and negotiating contracts.
5. Supplier relationship management: Once onboarded, establish and maintain a strong, mutually beneficial relationship with the chosen suppliers. This includes regular communication, performance monitoring, and addressing any issues or concerns that may arise.
6. Supplier performance evaluation: Continuously evaluate the performance of the suppliers to ensure they are meeting the organization's expectations. This can involve key performance indicators (KPIs), quality audits, and feedback from internal stakeholders.
By following these steps, a company can identify and establish relationships with dependable suppliers who can consistently deliver high-quality goods or services.