- August 14, 2016
- Posted by: justdebsevents
Vendors sourcing and management is very crucial to every even success. A strategic vendor sourcing process can be the difference you need to achieve your bottom line. It’s the first step in the supply chain and the most crucial one, because it plays a defining role in getting quality goods at a price point that gives businesses their desired margin.
Vendor sourcing process
A mistake in the vendor sourcing process can be expensive and difficult to backtrack. However, brands can avoid it by streamlining this process.
Vendor sourcing includes:
- Organizational needs assessment
- Market research
- Finding quality vendors
- Testing for quality and setting standards
- Negotiating contract and payment terms
- Planning and forecasting for inventory
Organizational needs assessment
Before brands or individuals begin searching for vendors, they need to analyze each department’s needs by auditing existing resources. This also involves defining the existing costs plus additional costs they will incur to procure the required items.
Researching and analyzing the market is critical in understanding how the supply market works, what the competition looks like, and key suppliers.
Finding quality vendors
Once the needs and market are evaluated, the process moves on to finding quality vendors who can provide the goods and services.
Testing for quality and setting standards
After finding suppliers, the product quality is vetted and checked to ensure it complies with the brand’s quality standards.
Negotiating contract and payment terms
Upon checking the vendors’ background for reliability and product procurement, brands negotiate contract and payment terms to arrive at mutually agreeable price points and goods exchange terms.
Vendors sourcing and management for all types of events is what JUSTDEBS EVENTS has analyzed and are best in selecting the best professionals for all events.