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What are the risks of not properly vetting suppliers on sourcing platforms?

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Sourcing platforms are online tools that help buyers find and compare potential suppliers for their products or services. They can save time, money, and hassle by providing access to a large pool of suppliers, ratings, reviews, and other features. However, sourcing platforms are not a substitute for proper due diligence and vetting of suppliers. In this article, you will learn about the risks of not properly vetting suppliers on sourcing platforms and how to avoid them.

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1 Quality issues

One of the main risks of not properly vetting suppliers on sourcing platforms is that you may end up with low-quality products or services that do not meet your standards, specifications, or expectations. Quality issues can damage your reputation, customer satisfaction, and profitability. To avoid this risk, you should always request samples, inspect the products, and verify the certifications and quality control systems of the suppliers you are considering. You should also check the feedback and reviews from other buyers who have worked with the suppliers and look for any red flags or complaints.

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Amit Bansal

Global Sourcing Professional -ADAS, Control Modules, Cameras, Sensors | Chinese Language Expert | Ex-Wabco |
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Specifically in Automotive sector where even a small Quality risk can cause $ millions of Claim /Warranty issue to OEMs, we must ensure Supplier Quality is Top Most Priority. In some cases due to different source of Raw Material, variations in Material Specs, not following in-depth Process parameters, Surface treatment requirements etc. etc., we found quality issues on Supplier parts and it damage Supplier Reputation & future Business prospect. So its always preferable to have Good Quality Supplier then a Low cost Supplier. Also we must keep having Supplier Audits time to time ensuring quality parts are delivered to us regularly & Quality standards are followed by Suppliers.

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2 Compliance issues

Another risk of not properly vetting suppliers on sourcing platforms is that you may violate the laws, regulations, or ethical standards of your industry, market, or country. Compliance issues can expose you to legal liabilities, fines, penalties, or sanctions. To avoid this risk, you should always research the compliance requirements of your products or services and ensure that the suppliers you are considering can meet them. You should also ask for proof of compliance, such as certificates, licenses, audits, or reports, and verify their authenticity and validity.

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3 Fraud issues

A third risk of not properly vetting suppliers on sourcing platforms is that you may fall victim to fraud, scams, or deception. Fraud issues can result in financial losses, delays, or disputes. To avoid this risk, you should always verify the identity, location, and legitimacy of the suppliers you are considering. You should also avoid paying in advance or using unsecured payment methods, and use escrow services or trade assurance programs if available. You should also be wary of any suspicious or unrealistic offers, promises, or requests from the suppliers.

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4 Communication issues

A fourth risk of not properly vetting suppliers on sourcing platforms is that you may face communication barriers, misunderstandings, or conflicts with the suppliers. Communication issues can affect the quality, delivery, and satisfaction of your products or services. To avoid this risk, you should always communicate clearly, frequently, and professionally with the suppliers you are considering. You should also use reliable and convenient communication channels, such as email, phone, or chat, and confirm the details and expectations of your orders in writing. You should also seek feedback and updates from the suppliers and address any issues or concerns promptly.

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5 Sustainability issues

A fifth risk of not properly vetting suppliers on sourcing platforms is that you may compromise the sustainability, social responsibility, or environmental impact of your products or services. Sustainability issues can harm your brand image, customer loyalty, and competitive advantage. To avoid this risk, you should always consider the sustainability practices, policies, and performance of the suppliers you are considering. You should also ask for evidence of sustainability, such as certifications, awards, or reports, and verify their credibility and relevance. You should also support and encourage the suppliers to adopt and improve their sustainability efforts.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Rahul Singla

A competent professional with 17 years of experience in Procurement,Sourcing,Vendor Development.
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Financial risk-financial risk if you are exposed to giving advance payment to vendor without vetting supplier financial & infrastructure capabilities Late delivery risk- if supplier capabilities is not vetted properly you end up in late delivery risk

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What are the risks of not properly vetting suppliers on sourcing platforms?

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3

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1 Quality issues

2 Compliance issues

3 Fraud issues

4 Communication issues

5 Sustainability issues

6 Here’s what else to consider

Supplier Sourcing

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What are the risks of not properly vetting suppliers on sourcing platforms?

1

2

3

4

5

6

1 Quality issues

2 Compliance issues

3 Fraud issues

4 Communication issues

5 Sustainability issues

6 Here’s what else to consider

Supplier Sourcing

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