An appropriate sourcing strategy is an integral part of effective material management. This involves maintaining a database of supplier information, as well as ensuring that there is a robust evaluation process in place to select the best supplier.
The goal at this stage is to identify a list of potential suppliers and select the final suppliers during the RFQ process.
Sourcing strategy and purchasing at a glance
Click a business goal to view the associated learning path:
Maintaining a database of potential suppliers is an integral part of effective material management. However, maintaining such a database requires frequent update of critical information as well as registering new suppliers on a recurring basis.
Depending on the technology you are using currently for Smart Materials, you can take the respective learning path:
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Describe how potential suppliers can register to qualify for bidding process |
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Describe how potential suppliers can register to qualify for bidding process |
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Creating an inquiry with required information is often the first step towards fulfilling the material requirement. It ensures that only qualified suppliers participate in the bidding process and often saves time during finalizing the agreement.
Depending on the technology you are using currently for Smart Materials, you can take the respective learning path:
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Smart Materials Classic |
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Evaluate whether the inquiry process is required for requisition or not |
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Proper agreement with the appropriate clauses provides the foundation for effective engagement between both the parties. They also become the basis for subsequent planning and monitoring activities.
Depending on the technology you are using currently for Smart Materials, you can take the respective learning path:
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Smart Materials (WPF) |
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Create an agreement based on quote summary and engineering requisition |
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Smart Materials Classic |
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Create an agreement based on quote summary and engineering requisition |
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The following work process diagram provides a complete picture of the process:
