You need quality materials but have a tight budget. How can you navigate supplier negotiations?
Securing quality materials without breaking the bank is a challenge many manufacturing engineers face. Successfully negotiating with suppliers can make a significant difference in maintaining both quality and cost-effectiveness. Here are some strategies to help you navigate these negotiations:
What strategies have worked for you in supplier negotiations?
You need quality materials but have a tight budget. How can you navigate supplier negotiations?
Securing quality materials without breaking the bank is a challenge many manufacturing engineers face. Successfully negotiating with suppliers can make a significant difference in maintaining both quality and cost-effectiveness. Here are some strategies to help you navigate these negotiations:
What strategies have worked for you in supplier negotiations?
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In any manufacturing industry Quality cannot be compromised as it can have long term repercussions to the business . Cost is also equally important as it has an impact on the bottom line of a business. The strategies which we tried to implement are as below 1. Always have at least 2 suppliers for the high cost and functionally important commodities. 2. It is important to show the real picture of the business to the suppliers to develop a long term relationship. 3. To maintain Quality it is important to have a robust supplier quality evaluation plan followed by a periodic Quality audit system. 4. Cost targets can be achieved by mutual agreement on identifying the cost reduction ideas and implementing the same. Let it be winwin situation.
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