NOV 08 2023 Blog Supplier Management

Unlock Deeper Value with Preferred Suppliers

Leverage preferred suppliers to improve efficiency and better manage spend.

Have you ever had a purchase requester in your company settle for the first supplier they stumbled across? This approach can lead to a tangle of inconsistencies, quality issues, and even blown budgets. And your procurement team is left scrambling to clean up the mess. 

So, how do you identify and manage your best suppliers?

This blog will discuss the benefits of working with preferred suppliers. Plus, we’ll spill the beans on how to manage and promote them to your organization’s stakeholders effectively.

The Perils of the Pick-any-Supplier Shortcut

Perils of the pick-any-supplier shortcut

Imagine a budding tech startup ready to kick off a highly-anticipated product. In the haste to cross the finish line, the company chooses a supplier after a quick internet search. The result? Delayed shipments, incompatible components, and a launch timeline that keeps getting pushed back. 

When on a tight deadline, jumping on board with any supplier that ticks the essential boxes can be tempting. But these snap decisions can create a chain reaction of missed deadlines, inconsistent quality, and unexpected expenses.

Choosing a supplier goes beyond just ticking off the basic requirements. It’s about finding partners that align with and support your company’s growth and objectives.

What Sets Preferred Suppliers Apart

So, what makes a supplier stand out from the rest? It’s about more than just timely deliveries or competitive prices. Preferred suppliers are trust-worthy partners, well-versed in your company’s needs and ensuring consistent quality every time.

Why You Should Work with Top-Notch Suppliers

Opting for preferred suppliers is a strategic move to ensure your procurement operations are practical and efficient. These trusted partners consistently display the following:

  • Trust: Earning the ‘preferred’ status means they’ve met stringent standards, promising smoother transactions every time.
  • Reliability: With a proven track record, preferred suppliers minimize disruptions in your supply chain.
  • Consistent quality: Say goodbye to surprises. Preferred suppliers guarantee a level of quality that’s been rigorously tested and approved.
  • Cost-effectiveness: The substantial business you give them translates to better pricing, volume discounts, and favorable terms.

By partnering with a preferred supplier, you’re joining forces with a trusted ally, poised for mutual success.

Track, Manage, & Promote Your Preferred Suppliers with Graphite

Without a streamlined and straightforward supplier intake process, even your top suppliers can get lost in the shuffle. You risk missing out on the reliability, exceptional quality, and valuable cost-savings they offer.

How, then, can you skillfully manage and advocate for these top-tier partners within your organization?

Meet Graphite.

In the corporate world, employees are often out of the loop regarding their company’s suppliers, particularly the preferred ones. Graphite’s Guided Intake shows requesters your company’s preferred suppliers for the needed product or service and steers them through the entire intake workflow. 

Think of Guided Intake as your procurement GPS, navigating requesters to the ideal suppliers for their purchase needs. This results in a more streamlined onboarding process and enables swift and effortless connections with your leading suppliers.

A central search bar and user-friendly prompts assist requesters in finding the exact supplier they need or discovering new options within the Graphite network. Requesters can search by supplier or by category. The Graphite dashboard displays all matching suppliers; preferred suppliers are highlighted with a star. If the supplier they’re looking for hasn’t joined the network yet, sending an invite is just a click away. 

Promoting preferred suppliers in Graphite

Whether finalizing a contract, starting a new project, or conducting a routine purchase, Graphite Connect ensures your stakeholders are in sync, well-informed, and primed to make the best decisions for your business—all while keeping your preferred suppliers front and center.

Ready to Learn More?

Ready to simplify your intake process while keeping your star suppliers at the front? Reach out for a demo and see how easy it can be with Graphite Connect.

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