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Effective vendor management contributes to cost optimization, risk mitigation , and quality assurance. Prior to entering into contractual agreements, conducting initial riskassessments is crucial to understand potential risks associated with the vendors. Key Stages of the Vendor Selection Process 1.
Documentation: Based on responses to the RFI, the team shortlists suppliers and sends out Requests for Proposal (RFP) to obtain detailed bids, including pricing, delivery timelines, and maintenance services. RFP Issuance: Action: Detailed RFPs are sent to the remaining 8 suppliers.
Cons: Lacks inventory control, RFP, and bid processes. Cost-Effective: Affordable for small to medium-sized businesses. Validation and Approval Rules: Enforces preset validation rules and approval routing. Advanced features may require extensive training.
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