Supplier Records and Management Policy
Our Supplier Records and Management Policy can be used to establish procedures for maintaining comprehensive records of all major suppliers, assess their value, and manage the company's relationship with them. This policy ensures that the firm obtains the best combination of quality and price from its suppliers. It contains definitions of key terms such as electronic supplier records, supplier payment terms and supplementary purchase orders. It also outlines responsibilities, including record maintenance and supplier analysis for potential improvements in purchasing value.
Furthermore, it provides guidelines on how to manage supplier records effectively - tracking various details like contact information, payment preferences, contract provisions, purchase order history etc., all aimed at enabling better purchasing decisions and fostering more economical business operations. The document also stresses on periodic analysis of such records to evaluate reliability and compare prices or discounts provided by suppliers, which could lead to beneficial contracts offering improved terms.
According to this tool, the purchasing department is responsible for:
- Ensuring that adequate supplier records are maintained
- Making judgments and related recommendations about the value and quality of suppliers
- Maintaining arms-length relationships with all suppliers
- Periodically assessing the potential for improved purchasing value through the analysis of current and potential suppliers