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At the end of your internship your manager asks you for some advice on procurement (sourcing)...

At the end of your internship your manager asks you for some advice on procurement (sourcing) from a supply chain perspective. She wants to know, for products where service level to the customer and rapid response matter, what features of suppliers should she focus on? Should she aim for few suppliers or multiple suppliers?

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Answer #1

Below are the features of suppliers the manager should focus on -

1. Optimum material costs

2. High quality materials

3. Timely delivery and lower lead times

4. High service level

The firm should focus on aiming for fewer suppliers who can deliver on the features listed above. Instead of switching suppliers, it should collaborate with the existing suppliers and manage them effectively to develop a long-term relationship.

Management of suppliers includes -

1. Interacting with suppliers on a regular basis.

2. Helping the suppliers in process and operational improvements, better inventory management etc.

3. Including suppliers as a part of the manufacturer's process improvement and quality processes.

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