The primary elements for sourcing a supply partner
One of the primary elements for sourcing a supply partner is cost and a solid practice to have is receiving at least three quotes from highly qualified suppliers. However, there is more to an RFQ (Request for Quote) than just a financial breakdown of requested parts and/or services. The use of multi-round competitive bidding ultimately results in a pricing war between suppliers; a war that reduces their costs, but also reduces profit margins. This...