Why is knowing your supplier important?

Reduced Supply Chain Risk By improving visibility into a supplier’s delivery plans, shipments and status changes, organizations can more closely coordinate their activities with a supplier. This enables them to improve predictability, proactively address issues and have more time to react faster to any surprises.

How do you know your suppliers well?

Suppliers that possess these 10 characteristics of a good supplier are a cut above the rest.

1. Accountability for quality issues.
2. Production capabilities.
3. Expertise in your product type and target market.
4. Culture fit: the best suppliers are willing to work with you.
5. Ease of communication.
6. Cooperation with third-party QC.

How do you identify a supplier?

12 Tips to Identify Quality Suppliers

1. Check certifications.
2. Evaluate the geo-political climate.
3. Gauge financial stability.
4. Assess weather-related risk.
5. Align manufacturing and shipping locations to your needs.
6. Carefully review product information.
7. Ask for accessible inventory information.
8. Know their scalability.

What is trust your supplier?

Trust Your Supplier is transforming supplier relationships through advanced insights, accelerated onboarding, and trusted exchange of information. Using blockchain technology, the TYS platform eliminates administrative redundancy and facilities the discovery of suppliers in a secure environment.

How do you manage your relationship with your supplier?

Top 5 Strategies to Improve Supplier Relationships

1. Try to Understand Your Suppliers. Organizations represent more than just the products and services they provide.
2. Identify Internal Risks and Recalibrate.
3. Work on a Solid Supplier Relationship Agreement.
4. Make the Most of Technology.
5. Establish a Clear Communication Channel.

Who are the main types of suppliers?

Types of suppliers

• Manufacturers: A manufacturer is a company that makes a product from scratch and sells it directly to you or wholesalers.
• Wholesalers: Wholesalers work by purchasing products directly from manufacturers and reselling them to other businesses for a higher price.

What is an example of a supplier?

Supplier – example Some of your suppliers could be a timber company, electricity company, and toolmaker. They supply you with wood, electricity, and tools for making furniture. Some accounting books, however, only class providers of raw materials as suppliers.

How do you select a supplier?

Choosing suppliers for your business

1. Finding suppliers. Online is the best way to locate suppliers such as manufacturers and wholesalers.
2. Location. Think about location when choosing suppliers.
3. Reliability.
4. Stability.
5. Price.
6. Business values.
7. Multiple suppliers.

What are examples of suppliers?

Here are the main types of suppliers.

• Services. These include suppliers of electricity, water, telephones, IT, email, website hosting, stationery, facilities, transport, etc.
• Sub-contractors. If you’re in a trade business, these will include other tradespeople.
• Manufacturers/producers.
• Distributors.
• Importers.

What is IBM trust your supplier?

The Trust Your Supplier network is a cross industry source of supplier information and identity helping to simplify and accelerate the on-boarding and lifecycle management process.

What is IBM Food Trust?

IBM Food Trust™ is a collaborative network of growers, processors, wholesalers, distributors, manufacturers, retailers, and others, enhancing visibility and accountability across the food supply chain.

How do I keep my suppliers happy?

Laying the Foundations for Strong Supplier Relationships

1. Communication. Effective, open two-way communication is at the heart of any strong business relationship.
2. Respect.
3. Openness.
4. Fairness.
5. Trust.
6. Flexibility.
7. Pay on Time.
8. Be Flexible with Payment Arrangements.