Supply Chain Quality Management Best Practices Workflow

Supplier Selection

Type: Fill Checklist

The Supplier Selection process is a crucial step in the business workflow that involves identifying and evaluating potential suppliers to meet the organization's procurement needs. This phase commences once a request for quote or proposal has been issued to pre-qualified suppliers. The primary objective of this stage is to assess the capabilities, reliability, and financial stability of each supplier through an evaluation process. Key factors considered during this assessment include the supplier's history of on-time delivery, product quality, price competitiveness, and compliance with industry regulations. Additionally, the organizational structure and management practices of the suppliers are also scrutinized to ensure alignment with company policies and expectations. Upon completion of the evaluation, a shortlist of suitable suppliers is identified for further consideration. This information is then used to inform procurement decisions and establish relationships with preferred vendors.