Buyers how do you find your suppliers?
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In one of our recent posts, we advocated buyer jobs as one of the best places to start your supply chain career.
One of the key processes for this role is to research and select suppliers but you’d be surprised that one of the key problems that many companies face is just how to find that elusive brilliant vendor? Many companies can get stuck in a rut and fail to break
Here we list 10 common ways you might go about it, this isn’t by any means exhaustive and we’d love to hear your methods in our comments section below.
1/ Trade shows
One of the easiest ways of finding suppliers at trade shows. These industry gatherings usually offer buyers and suppliers a forum to meet. The nature of trade shows is that you’ll often get a chance to view products 1st hand whist having access to the potential supplier’s sales team. Trade shows also provide a great avenue of meeting industry peers and enhancing your market knowledge (they are usually a great place to see innovation). Keep a list of your industry trade shows handy and get those dates in your diary.
2/ Research major manufacturers
It’s a little obvious I grant you, but one of the first places many start is uncle Google. Search Engines can offer a great inroad in reviewing major manufacturers for the products your interested in and building up your initial list. Note that you’ll likely have a range of criteria that a simple Internet search won’t fully answer but it should provide an initial list of potential suppliers that you can then review in more detail.
3/ Search on required capabilities
If you’re looking for capability rather than product then again good old google is your friend. For example “sheet metal fabrication in wisconsin” brings up an appropriate list. (not only those Google finds through search but also those who are advertising.) Again this should give you an opportunity to do some research just have an advanced thought about your search terms and tailor them to your requirements.
4/ Talk to your non-procurement colleagues
Whilst your procurement colleagues may have a vast array of information don’t neglect other areas within your business, Design/Engineering, Production & Operations may have some good insider knowledge about your industry – indeed some of them may have worked at suppliers that you might be interested in.
5/ Look for trade portals
Many industries have online trade portals where you can research suppliers and in many cases send out RFQ’s. Industries like Aerospace & Pharmaceuticals are good examples of industries that use such tools – does yours?
6/ Equipment OEMs
If your looking for a particular service (or example sheet metal pressings) you can always research the resellers of the equipment used in the process, they may well be able to put you in touch with companies that have bought their equipment.
7/ Linkedin
Linked in can be a great place to research companies and talk to other individuals within your industry who may be able to put you in touch with appropriate suppliers.
8/ Industry Magazines
Every industry has a trade newspaper or magazine. These publications can be gold dust for buyers. Scour them for appropriate advertisements from potential vendors.
9/ Competitors
Have contacts within your competition? Who do they procure their products from?
10/ Consultancy services
Finally, there is a range of supplier sourcing consultancy services that offer specialist sourcing services. These can offer good value by helping you short cut the process. Industry specialists usually have an array of existing suppliers in their network that they can use to compete for your business.
So what sourcing tools & tips do you know, feel free to share in the comments section below.