Ways to Choose the Correct Supplier for Procurement

Courtesy-skillsteam

For a procurement department, choosing the right supplier is considered to be a very important task. For a company, it is important to make sure that products and services are procured and delivered on time, at tight price with the best possible quality from the supplier. If you’re new on the market, these are some of the tips that will help you find the best possible supplier.

Set Criteria – While making a list of supplier’s certain criteria’s goes behind. The criteria’s are to grow the business as well as make the best one. When it comes to criteria’s, these are the things to consider.

  • The duration required for the delivering of products once the order is received.
  • Facilities for storage and handling of the products.
  • Terms and conditions related to payment.
  • Policy for returns.
  • How much is the minimum and maximum quantity of order.

Define your Process – Think about the methods that will help you find the best supplier. You also need to think about the source for publishing the requirements.

Call for Bids – You cannot ignore calling for bids no matter the type of selection process you’ve chosen. For instance; RFP or RFQ (Request for Proposal or Request for Quotation). You will need to mention the products and service required, delivery time, quantity and quality in detail. You must ask the potential bidder about how the procedure they follow for smooth business.

If procurement is the field you wish to enter, then you will need to do a contract and procurement training that is going to be beneficial to you.