A supplier is an individual or a company that provides goods or services to another individual or company.
What is supplier?
A supplier is an individual, a company or an organization that offers goods or services to another entity. They are an essential part of the supply chain as they provide the products or services a buyer or customer requires. Suppliers can be small local businesses or large multinational corporations accountable for meeting quality standards, timely delivery, effective communication, fair pricing, compliance with regulations, and risk management.
What are the responsibilities of supplier?
Suppliers have several key responsibilities in fulfilling their role in the supply chain.
Their primary responsibility is to provide high-quality products or services that meet the agreed-upon standards and specifications. Timely delivery is another crucial responsibility, ensuring the products or services are provided within the agreed-upon timeframe.
Effective communication and collaboration with customers are essential to address inquiries, provide updates, and resolve any issues that may arise. Suppliers are also responsible for managing inventory levels to ensure availability while preventing stockouts or excessive inventory.
Fair and competitive pricing, compliance with regulations and industry standards, continuous improvement efforts, and effective risk management are additional responsibilities of suppliers.