GNFR Supplier Selection
Selecting the best suppliers
Developing a process for assessing and selecting suppliers is an important step in optimizing the GNFR supply chain. The process should be based on a set of criteria that are relevant to the specific needs of the retail business.
Factors to consider
Some common factors to consider when selecting suppliers include:
Cost
Assessing the cost of the goods or services offered by the supplier is an important factor in determining whether they are a good fit for the business. This can include analyzing the price of the goods or services offered, as well as any additional costs associated with working with the supplier.
Quality
Assessing the quality of the goods or services offered by the supplier is essential to ensure that they meet the required standards. This can include evaluating the supplier’s track record for quality, as well as conducting inspections or testing of the goods or services offered.
Delivery performance
Assessing the supplier’s delivery performance is important to ensure that they can meet the delivery schedule and quantity requirements agreed upon in the purchase order. This can include evaluating the supplier’s track record for on-time delivery and assessing their ability to meet or exceed delivery expectations.
Capacity
Assessing the supplier’s production capacity is important to ensure that they can meet the business’s demand, particularly during peak periods.
Financial Stability
Assessing the supplier’s financial stability is important to ensure that they will be able to meet their financial obligations and continue to do business with the retail business in the long-term.
Compliance
Assessing the supplier’s compliance with relevant laws and regulations is essential to ensure that the business’s reputation is not negatively impacted by any compliance issues.
Importance of evaluating all of these factors
It’s important to have a clear process in place to evaluate suppliers, and to regularly review and evaluate existing suppliers to identify areas for improvement. Additionally, it’s also important to communicate performance expectations and work with suppliers to continuously improve in achieving these expectations.
About Lumatrak
Lumatrak’s PULSE software offers you tools that will help make sense of the chaos by connecting the processes, systems and communications supporting your purchases from the time of purchase to final delivery to your site.