How Well Do You Know Your Suppliers?

Categories : Procurement Stages | Identify Suppliers | Reduce Risk Published on : Jan 09 2018

By: ProcurementIQ Staff Writer, Savannah George

The benefits of vendor consolidation and optimization are vast, but to capitalize on these you first need a strong understanding of your supplier base. Supplier analysis provides a basis for your decision-making, but with so many variables to evaluate – vendor offerings, performance indicators, quality – the process is time-consuming and just getting started may seem overwhelming. 

When getting better acquainted with your vendor base, there are four areas that will help you assess and identify opportunities for efficiencies and many tools available to help you save time and money throughout the process.

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