A reliable process and careful vetting helps avoid that risk - and many others.”Īdditional benefits of vendor assessment include the following: “Post-award, this leads to a perfect storm: a fractious relationship characterized by ‘blame game’ disputes and, often, operational failure. “Deficient evaluation constructs begin with poorly defined specifications, which then feeds into the procurement process and award criteria and the selection of suppliers that lack the necessary expertise or resources,” Carter explains. Carter advises caution when selecting business partners for goods and services.
Therefore, exploring the quality and robustness of vendor and supplier contingency plans is crucial.”ĭr. “Future crises driven by foreseeable factors - global warming, wild animal and nature conservation, human interactions, and political unrest - are almost inevitable. “What the COVID-19 emergency illustrates,” Carter says, “is the importance of engaging suppliers with sufficient resources and access to working capital to continue to operate, gear up if necessary to meet demand, and survive crises.” Assessing vendor and supplier crisis management plans is one of the aspects of risk mitigation you should consider during your vetting process. Carter points to the COVID-19 pandemic as a prime example of the need for systematic vendor and supplier assessment that enables organizations to weather any storm in the business environment. Ray Carter is Director of DPSS Consultants (Developing People Serving the Supply Chain), creator of the 10C Model of Supplier Evaluation, and author of five vendor management and supply chain books, including Practical Procurement. WorkApps Package your entire business program or project into a WorkApp in minutes.Digital asset management Manage and distribute assets, and see how they perform.Resource management Find the best project team and forecast resourcing needs.Intelligent workflows Automate business processes across systems.Governance & administration Configure and manage global controls and settings.Streamlined business apps Build easy-to-navigate business apps in minutes.Integrations Work smarter and more efficiently by sharing information across platforms.Secure request management Streamline requests, process ticketing, and more.Process management at scale Deliver consistent projects and processes at scale.Content management Organize, manage, and review content production.Workflow automation Quickly automate repetitive tasks and processes.Team collaboration Connect everyone on one collaborative platform.
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