Ten benefits of a single source supplier…..
So in a time when there is much debate over whether to choose single source suppliers or opt for multiple suppliers we’ve simplified some of the key reasons to go down the single source route. Reducing time, guaranteeing consistency, creating longer term relationships and increasing your buying power are just a few of the key benefits.
Is single source right for you?
Historically going out to numerous suppliers looking for the best price was deemed the best way to work, that might make sense for single purchases, say you want one chair for the office and price is the only factor. However, what about when there is more depth to a purchase? Service levels, quality expectations, time demands, they are all things to take into consideration. Is liaising with multiple suppliers really the best use of your time? By pooling your spend with a single supplier your buying power instantly increase and can provide significant cost savings.
What about risk?
Everyone considering single source will no doubt wonder if by choosing this route they are choosing the riskier option. Using multiple suppliers has often had the perception of reduced risk, but that isn’t necessarily the case and by choosing a single financially stable and robust supplier you can actually achieve less risk and more accountability from your supply chain. If you do your research and choose the right supplier it needn’t be risky at all.
How to choose a single source supplier?
If you’re thinking of moving to a single source solution, you’d be right to exercise caution. It can be tricky making the right choice but here are a few tips that may help you through the process:
- Narrow down a list of potential suppliers, ask them how they can add value to your business?
- Try the suppliers out, see how they perform
- Ensure the supplier is financially stable
- Ask for pricing across a wide selection of products, make sure they are competitive across the board
- Agree service levels, pricing and additional benefits they can provide
- Ensure you choose a supplier that regularly reviews their own performance and gives constructive feedback and improvement suggestions.
Our team at Fenns are experts at providing a single source solution and ensuring it works for you. Why not give them a call today to discuss how we could help you achieve some of these benefits on 01782 344000.