Source One's series for keeping up with the most recent highlights in procurement, strategic sourcing, and supply chain news week-to-week. Check in with us every Monday to stay up to date with the latest supply management news.
Selecting the proper
suppliers is a crucial step in building
your company's supply chain. Managers must ask the right questions in order to obtain the
right match. Have you considered what your quality threshold is? Are you assessing
each candidate's risk factors? All of them? This Spend Matters Blog breaks down the five
phases of choosing the right supplier for your needs.
Over the past few decades, supplier diversity programs have expanded their boundaries. Supply Management is
embracing many different communities such as women-owned businesses,
LGBT-owned business, and veteran-owned businesses. Not only does partnering
with diverse suppliers promote corporate social responsibility, but studies are showing that productivity is on the rise thanks to supplier diversity programs. Sarah Scudder of RSN highlights current trends in supplier diversity programs and the
"Six C's of supplier diversity.
Don't overlook the
value of keeping detailed inventories of your vendors. Many companies are
skipping this step and it's costing them. Third-party systems
help to avoid misinformation and provide a speedy and simple
reference guide when necessary.Josh Angert provides four key tips on
how to implement an efficient vendor management system that tracks inventory and ensures efficiency.