Sifat Monjur Shamrat’s Post

Being an A-1 vendor is no easy task. Securing orders at the best price, forming effective teams, executing plans successfully, maintaining close coordination, and ensuring timely delivery—each aspect is like a building block that helps us maintain our reputation. If any block malfunctions, the vendor's reputation is at stake. The greatest part of this work is that the bigger the challenge, the greater the satisfaction after successful implementation. Competitiveness gives us an edge when we continuously deliver successful projects. While excessive expectations can seem like misplaced opportunities, true expectations rest on those who can shoulder responsibilities. The message is clear to all vendors: single, extraordinary efforts aren't enough to sustain in a developing market. One must achieve excellence every time, in every execution, to remain A-1 in the industry. Follow Dipendra Shringi for more exciting, engaging and encouraging posts. #VendorExcellence #IndustryStandards #SuccessInExecution

Finding the perfect vendor can make or break your supply chain. But with so much riding on this decision, how can you be sure you're not signing up for trouble? Vendor selection is all about spotting potential problems early on. Pre-Qualification & Shortlisting: - Promises too good to be true: Always be wary of vendors who consistently underbid or guarantee impossible timelines. If it sounds fishy, it probably is. - New kid on the block: While fresh faces can be exciting, consider the potential risks of partnering with someone who doesn't have a proven track record in your specific industry. - Online reputation matters: Don't underestimate the power of the web! Check reviews and see if there are any concerning patterns about a potential vendor. Registration & Onboarding: - Documentation headaches: Incomplete or inaccurate information during registration could be a sign of a disorganized company. You want a partner who's on top of their game. - Communication breakdowns: Delayed responses or a lack of clarity during communication can foreshadow future challenges. A smooth partnership starts with smooth communication. - Inflexible isn't ideal: Flexibility is key in any successful partnership. If a vendor seems unwilling to adapt to your requirements, it might be a sign of future conflict. The Walk-Away Moment: As you evaluate red flags, consider the severity and potential impact. Minor issues might be addressed through discussion, while major red flags, like a history of legal issues or safety violations, could necessitate walking away. Remember, a thorough vendor selection process protects your organization and sets the stage for a successful, long-term partnership. #VendorSelection #SupplyChain #CIPS

Importance of Vendor partnerships In any industry sector…. While I would maintain all vendor partnerships are important, I would argue that their value is subjective to your approach in how you manage your vendors and your vendor operating model in conjunction with your companies strategic objectives. However having worked with multiple vendors across a wide spectrum of industry sectors whether global or local, strategic or tactical, large, medium sized or small the vendor partnerships that are fostered with a level of transparency, trust, respect and a genuine commitment to providing a platform for two way communication and evaluative feedback I have found does open opportunities to drive optimum levels of performance, increased support and innovation alongside solidifying the vendor as a true partner. Do you agree? Let me know your thoughts and experiences in the comments below

Gratefulness - The idea that we are happy for the vendors that support us and the relationships that provide the success of our company. This is a business model culture that I see growing as we are all dependent on each others success. #Gratefulness #VendorRelationships #SupplyChain

Vendor relationships are like dating. It's a two-way street. To improve your vendor relationship: 1. Don't be afraid to ask questions 2. Regularly communicate 3. Get to know each other 4. Build trust and transparency 5. Be open to feedback 6. Collaborate and solve problems together 7. Celebrate successes 8. Agree on mutual goals 9. Remember to review and assess Just like any good relationship, a successful vendor relationship requires work and effort. But, the payoff is worth it: - Enhanced communication - Improved product or service quality - Competitive pricing - Increased efficiencies - Reduced risk So, invest in your vendor relationships for long-term procurement success.

Pro Tip: Always ask for vendor references, especially when their projections seem too good to be true. In my new role, I've been evaluating various vendors. Recently, one made some, let's call them, aggressive projections. I expressed skepticism and then asked for references, they refused. Huge red flag alert! 🚩 This experience reminded me that due diligence is non-negotiable. A vendor should be more than willing to provide references. Key takeaways: 1:Trust your instincts 2:Always ask for references 3: Be wary of those who won't back up their claims Have you encountered similar situations? How do you vet potential vendors? Share your experiences below! #BusinessTips #VendorManagement #DueDiligence #ProfessionalAdvice

Price increase requests from vendor partners are frustrating. Trust me, its equally frustrating for vendors too. Yes sure, it make us uncomfortable and sometimes the whole truth is not on the table. However, mishandling them can lead to strained relationships and financial setbacks. The worst and most common things you could is to -Ignore Communication -React Emotionally -Refuse Negotiate Try doing this instead -prioritize open communication channels to understand the reasons behind the increase and explore potential solutions, if needed. - Stay calm, gather facts, and approach the situation with a strategic mindset. -Embrace negotiation as a chance to find mutually beneficial solutions that uphold quality and value. Remember, successful business relationships are built on trust, respect, and collaboration. Do you agree? What's your hack to manage price increase requests? #procuretech #procurement

Couples often struggle with 1 of 4 challenges: 1. They don’t know how to find reliable vendors. 2. They don’t have time to manage all details. 3. They can’t ensure vendor coordination. 4. They have no peace of mind on the big day. Review these and create a simple plan for each. Follow us on IG @weddingplannerhk for more tips! 🌸 #WeddingPlanning #VendorRelationships

You don't need more vendors. You need better vendors. Here are 3 things you need to know about vendor management: 1. Manage a dedicated vendor pool Your job isn't to know everything, it's to know who to call. 2. Get your vendors to care about your business Give them goals to your business, motivate them. 3. Relationship management is key Treat vendors like you would your customers. This way, you'll have a better vendor pool, better deals, and better results.

When looking for a vendor pay close attention to the ones that tell you your project is difficult & challenge your ideas and assumptions. Immediately dismiss those that will say yes to anything you ask / think of.