Whether you are an Industrial Purchasing Manager, Procurement Professional or Supply Manager, the role of vetting out and selecting vendors has changed greatly over the last decade.
Once reliant on information from salespeople, the purchasing professional today does a great deal of preliminary research and sourcing using the Internet. In fact, a study by the Corporate Executive Board found that nearly 60% of a purchasing decision including researching options and pricing is done prior to meeting with suppliers. There is no longer a need to sort through pages of company brochures, when you can access the information you need with a click of a mouse.
This paradigm shift has put the control in the hands of the purchasing buyer, and savvy salespeople know this. The goal of the sales rep is to help buyers navigate through their choices by offering compelling reasons or USPs to buy from them over the competition.
Even as more demands are placed on purchasing managers, evaluating suppliers remains one of their primary functions. For many commodities and services, this transactional evaluation may take little time and effort. More complex strategic purchasing, like sourcing a custom molded part, requires some upfront education about the processes and procedures. Many companies take a very collaborative approach to product design and sourcing and include purchasing in the initial planning stages for a product. This early involvement helps the buyer get ahead of the curve in terms of material selection and vendor requirements.
The process of vendor selection can become more complicated when making an industrial purchase. It pays to understand the processes, and possible pitfalls within the industry to make a more educated determination. When purchasing custom parts, the buyer may not only be negotiating for a fair price but also factory capacity. They will need to establish a mechanism to monitor and assess the supplier’s output. Special manufacturing certifications such as ISO 9001:2008 help verify the factory has met the industry standards. Package, shipping and inventory management should also factor into the final decision.
Buying custom plastic parts can be a daunting task. There are many vendors to choose from, and the prices can vary based on the quantity, material, complexity of the part and location. It is a fairly complicated process with an industry vernacular all its own. To help new buyers get up to speed on the plastic injection molding process as well as the industry terminology, we invite you to download our new eBook “An Introduction to Plastic Injection Molding.”
It was written to help designers, engineers, and purchasing professionals navigate the complex world of plastic injection molding. The chapters include information about the types of plastic molding, basics of an injection machine, factors that impact the cost of a mold, and common part defects and how to avoid them. Our goal is to make procurement professionals more knowledgeable about what goes into making a plastic part. Readily available information like this eBook is pertinent to educating and informing those that are involved in sourcing new suppliers.
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