What are some effective case studies on vendor selection?

What are some effective case studies on vendor selection?

There are several notable case studies on vendor selection. For instance, a tech company improved its procurement process by implementing a structured vendor evaluation framework, which led to a 20% cost reduction.

Can you provide more details about that case study?

Sure! The tech company used a scoring system to assess vendors based on criteria like price, quality, and delivery time. This systematic approach helped them make informed decisions and foster better relationships with selected vendors.

What criteria should I consider when selecting a vendor?

Key criteria include cost, quality of products/services, vendor reputation, delivery timelines, and customer support. It's also important to consider the vendor's financial stability and alignment with your company's values.

Are there any common mistakes to avoid during vendor selection?

Yes, common mistakes include not defining clear requirements, failing to conduct thorough research, and neglecting to involve key stakeholders in the decision-making process.