Top Five Things to Consider When Choosing your Supplier
We Asked Industry Experts. Here’s What We Found.
As medical devices become increasingly complex, the need for reliable, compliant, and cost-efficient supplier partners is of great importance to strategic sourcing and direct procurement executives. At the center of all decision-making is balancing quality and cost when finding and partnering innovative suppliers. Q1 Productions sent a survey to strategic sourcing and direct procurement leaders in the medical device industry, and this is what they had to say. What is the most important thing to keep in mind when you are selecting a supplier?
1. “Total Cost of Ownership”
2. “Product Quality”
3. “Supplier Capabilities”
Now that we determined the factors to keep in mind when selecting your supplier, let’s take a look at tools you can use to help make that decision. Here’s a list of 5 tools industry veterans said they use.
1. “On-site visits”
3. “My Own Experiences”
4. “Supplier Matrix”
The ultimate goal of those involved in strategic sourcing is to procure components of the highest quality at a reasonable cost. Q1 events provide a forum for open dialogue on creating innovative opportunities for cost savings and valuable supplier partnerships. The audience will leave with knowledge and insights they can bring back to their organization and implement immediately.