Know Your Supplier - Rubber & Tyre Machinery World May 2016 Special

| INSIGHT |
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C’s Of Supplier
Evaluation
https://rubbermachineryworld.com/2016/02/17/10-cs-of-supplier-evaluation/
Have you ever finalized and transacted
with a supplier, only to realize, later, that
you’d made the wrong choice?
This could be in any form.
For example, you may have found a
supplier that offered a good price, but later
realized that its quality standards were
low, or that its communication was
unacceptably poor.
Or in cases of sub-contracting, equipment
supplied and branded with your logo are
substandard.
It makes no difference what business you
are in; suppliers and vendors play a key
role in your company’s success.
The real cost of mismatches between your
needs and a supplier’s offerings are not
always obvious. Such mismatches can add
costs, delay projects and even damage your
organization’s reputation when the
equipment supplied is substandard.
Selecting your right supplier
(for machinery, equipment or
spares) includes much more
than a focus purely on cost.
If you are actively involved in supplier
selection you already know that it can be an
exhaustive process. Because there are a
wide range of variables to consider that
make the supplier selection process complex
and time-consuming.
You may introduce standardization criteria
through an assessment framework or
template for selecting suppliers. Having a
formalized system in place to track and
evaluate supplier and vendor performance
is essential to the smooth operation and
profitability of your company. This also
helps you level the playing field whilst
giving you a standardized procedure
removing some of the guesswork from the
process.
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Selecting your right supplier (for machinery,
equipment or spares) includes much more
than a focus purely on cost.
But how should you evaluate your potential
suppliers? Here’s where Ray Carter’s work
assumes significance.
Know Your Supplier | MAY 2016