Supplier Technical Assessments

Introduction

Buyers, who may be owners, operators, contractors and/or engineers, are facing a variety of new constraints and challenges with their supply chains. As such, supplier risk management has become more critical than ever before for purchasers. An innovative and cost effective way to qualify suppliers is required for purchasers to establish confident, successful trading relationships with suppliers. Having a systematic, proven methodology for effectively qualifying suppliers is extremely important. Supplier Technical Assessments, or “vendor assessments,” help buyers evaluate suppliers’ qualifications when considering their capabilities to manufacture specified industrial components or provide the desired services. Supplier technical assessments are generally carried out by a second party, focusing on suppliers’ technical and manufacturing capabilities.

Supplier Technical Assessments

For decades, U.S. buyers have purchased goods from around the world, especially from those countries with lower labor costs. While economically advantageous in certain instances, buyers must be proactive to ensure their orders meet their specifications and quality standards. Quality and on-time delivery are critical.