What Is the Best Supplier Vetting Process?
The article presents a four‑step supplier vetting framework that starts with defining clear selection criteria, then sourcing candidates from trusted channels, evaluating them using Carter’s 10 Cs, and finally gathering and comparing formal quotes. It stresses that a standardized supplier management system enables faster, repeatable assessments and reduces the risk of costly disruptions. By rating suppliers on factors such as competency, cash health, and cultural fit, firms can negotiate better terms and secure reliable partners. The guide also highlights the need for organized record‑keeping to maintain transparency throughout the supply chain.
Strategic Supplier Relationship Management – Do’s and Don’ts
The article outlines a practical framework for Strategic Supplier Relationship Management (SRM), distinguishing transactional, preferred/tactical, and strategic tiers. It stresses the need for a formal, visible process, dedicated relationship owners, and executive sponsors to guide suppliers up the continuum. Standardized...
What Is Sustainable Procurement and Why Does It Matter?
Sustainable procurement embeds environmental, social, and economic criteria into buying decisions, moving beyond traditional cost‑only models. Companies adopt it to address climate change, resource scarcity, and rising stakeholder expectations. The approach delivers risk mitigation, long‑term cost efficiencies, and compliance with...
Is Single Sourcing, or Sole Sourcing, Dead?
The COVID‑19 pandemic highlighted the fragility of supply chains that rely on single or sole sourcing, as lockdowns and demand spikes caused widespread stockouts. Single sourcing can secure lower prices and simplify supplier management, but it leaves firms vulnerable when...
Who Is Your Best Supplier?
The article argues that many procurement teams lack the data needed to identify their best suppliers, despite the strategic importance of supplier performance. It proposes a three‑step framework—clear KPIs, right data sources, and business‑intelligence tooling—to modernize supplier evaluation. By centralizing...