Prime Advantage Blog

Taking Time and Costs Out of Qualifying Suppliers

Mike McDonald on Aug 10, 2017 10:53:23 AM

Searching for new vendors or suppliers to replace existing ones can be an arduous task. One that often creates more questions than answers along the way for procurement. Will the new supplier be able to meet the needs of our business? Will their goals be aligned with ours? Will they be able to help us grow and innovate? How will they treat us two, three years down the road when the initial courtship is a distant memory? How will they perform compared to our existing supplier or in contrast to other options in the marketplace? And the points to consider go on, and on, and on…

One way many companies combat this problem is by joining a Group Purchasing Organization. GPOs answer all of the tough questions for you through a rigorous supplier vetting process and ongoing performance standards requirements. A GPO employs strategic sourcing to ensure that its Members have world-class Endorsed Suppliers at their fingertips that are tailored to their specific necessities. All the while taking this time-consuming process off of procurement’s plate, saving the company lots of money and headaches. Check out the infographic below to see just how we do it:

Supplier-Evaluation-Process.jpg

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Topics: Supplier and Member Best Practices

Mike McDonald

Posted by Mike McDonald

Mike is the Executive Vice President of Business Development for Prime Advantage, a Chicago based Group Purchasing Organization for mid-market manufacturers. Responsibilities include managing business development, marketing, and the GPO's Healthcare Cost Containment program. He’s been a featured speaker, published author, and recognized award winner within the supply chain community.

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