The pool of vendors can expand to include partners for logistics, suppliers, manufacturers, technology support, distributors, and more. Vendors are crucial to an organisation's success. Hence, it's important to onboard the right ones. Why do companies need vendors? Often, it is easier to collaborate with an external expert rather than build that expertise in-house. This allows the company to focus better on their core offerings. It is time and cost effective and saves heavy investments in the form of research and development.
However, external vendors come with a wide range of risks – operational, compliance, financial and reputational among others. As companies work closely with vendors and there can be a lot of exchange of critical data, it is important that a systematic vendor assessment process is followed. A non evaluated vendor is always risky in the long run and thus, it's critical that companies take vendor evaluation seriously.
When selecting a vendor, it is important to do a thorough check on the vendor's background and past records to analyse their capabilities and if they are a right fit. While, this can be a time-consuming process and may sometimes need focused expertise, it needs to be a high priority task as lack of a proper assessment can cause huge risk to the partnering company. A vendor assessment guide is therefore a boon, especially for India's budding start-ups and MSMEs.
Key factors to consider when assessing a vendor
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