Supplier Evaluation

Based on a survey performed by “Hacket Group Survey, 2017”, about 40% of the problem in procurement process is about the identification, evaluation and selection of reliable suppliers or contractors. The average organisation spends approximately 41 hours per event on supplier identification and qualification.

Whether it is Strategic, Tactical, Operational or a Commodity supplier, it is imperative that a thorough supplier evaluation exercise is conducted before initiating sourcing process with new suppliers, especially for strategic goods in single or sole source situations

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Significance of Supply Chain Management (SCM)n visibility

Supply chain visibility is not a plug-n-play and forget strategy. With the constant changes in technology, integrated end-to-end supply chain visibility solutions, and the increased length and complexity of the whole chain, updates and improvements are a must-have. Today, the business and logistics environment punish any company or business that shies away from digital collaborative approaches to managing supply chains. An extended, visible supply chain ecosystem puts everything on the table and forces every stakeholder to do their best.

Supply chain visibility is a prerequisite to supply chain optimization. Once the whole supply chain is visible and synchronized, growth comes naturally.

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Understanding Total Landed Cost

Understanding total landed cost (TLC) is crucial in supply chain management because it provides a comprehensive view of all the costs associated with sourcing and delivering a product to its final destination. TLC includes not only the initial cost of the product but also various other costs such as transportation, customs duties, taxes, insurance, handling fees, and any other costs incurred until the product is delivered to site. Article covers critical elements such as Fixed, Variable, and Subjective costs that help in sourcing high-quality, affordable products.

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