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Selection of vendors or suppliers is a key function within a procurement organization. Baily et al. refer to a number of information sources typically used by buyers to help them select suppliers, including suppliers' reputation, their own supplier evaluation processes, records of suppliers used previously, and approved lists of suppliers. [6]
Vendor-managed inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor.
A diagram of a supply chain. The black arrow represents the flow of materials and information, and the gray arrow represents the flow of information and backhauls. The elements are (a) the initial supplier (vendor or plant), (b) a supplier, (c) a manufacturer (production), (d) a customer, and (e) the final customer.
The chain of suppliers and vendors to these reporting companies will be expected to provide appropriate supporting information. Incidents like the 2013 Savar building collapse, with more than 1,100 victims, have led to widespread discussions about corporate social responsibility across global supply chains. Wieland and Handfield (2013) suggest ...
A company's procurement function, specifically its spending on suppliers, typically accounts for more than half of the company's total budget. [7] Purchasing is a subset of procurement that specifically deals with the ordering and payment of goods and services. Organizational procurement is also referred to as "organizational buying" or ...
Supplier may refer to: Manufacturer, uses tools and labour to make things for sale; Processor (manufacturing), converts a product from one form to another; Packager (manufacturing), encloses products for distribution, storage, sale, and use; Distributor (business), the intermediary between the manufacturer and retailer
A contract manufacturer (CM) is a manufacturer that contracts with a firm for components or products (in which case it is a turnkey supplier). It is a form of outsourcing . A contract manufacturer performing packaging operations is called copacker or a contract packager .
Supply chain pyramid. An original equipment manufacturer (OEM) is a company that produces parts and equipment that may be marketed by another company.However, the term is ambiguous, with several other common meanings: an OEM can be the maker of a system that includes other companies' subsystems, an end-product producer, an automotive part that is manufactured by the same company that produced ...