Finding great suppliers / vendors can be one of the most challenging areas for a supply chain professional. We are constantly bombarded with phone calls, emails, and flyers of companies looking for new business. It's important to be professional and courteous, but are these the suppliers you really want to partner with? How do you find suppliers that compliment your business and will truly be a partner in your supply chain?
There are several different ways to find strategic suppliers / vendors and over the years I have developed a methodology that always provides good results. As a first step, you should truly understand the product or service you are sourcing. Part of the success of a partnership with a supplier is going to depend on how well your product or service fits with their companies business model. If you have a high volume product, would you work with a small supplier who cannot keep up with the demand and constantly struggles to provide product? On the flip side, if you have a low volume product that you only order several times a year, would you want to partner with a large, high volume supplier? Would you receive the right level of service and pricing for the product you are purchasing?
Once you understand the product or service you are sourcing, and the type of supplier you should be working with, it's time to move onto the next critical step... NETWORKING. You must communicate with people in your business network. A supplier recommendation from someone in your network is going to be the absolute, very best way of finding your next great supplier. Also, it is important to network within your own organization for recommendations. It is very possible that someone within your organization has a great supplier or vendor they can recommend. Sometimes, networking does not yield the results you were hoping for. Another option is to search websites like ThomasNet to help guide you toward the right suppliers. This approach is more time consuming but can yield good results if you spend the time to research and connect with suppliers.
Please feel free to contact me if you would like more information about how to locate and partner with suppliers.
Best regards,
T. W. Penick
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