Richmond Events' Business Panel Report - Attitudes to suppliers

The latest Richmond Events' business panel report on attitudes to suppliers is now available. Please read on for headline findings and to download the full report.

The latest Richmond Events' business panel report on attitudes to suppliers is now available.

Headline findings include:

  • On average the panel talk to 13 potential suppliers over the course of a year. They then appoint on average 5 new suppliers per year – i.e. just over 1 in 3 (or 38%) of the companies they meet.
  • The average number of suppliers that the panel employs over the course of a typical year is 28. This can be further broken down to 23 (82%) existing and 5 (18%) new.
  • Only a minority of companies always employ a formal tender process or a short list system in terms of appointing new suppliers.
  • In terms of input from other departments during the appointing of new suppliers, procurement are most likely to be involved, finance and legal in some cases and HR less so.
  • The 2 top ways of sourcing potential new suppliers are recommendations / word of mouth and through meeting at a conference.
  • No surprise that in this day and age price is the number one factor the panel looks for when compiling a shortlist of suppliers. This is closely followed by product quality and financial stability, the latter again being partially a reflection of the times.
  • 85% of the panel have asked some of their suppliers to re-quote their prices over the last few years, with the average number they’ve asked being 27%. However the majority of the panel has not changed their payment terms.
  • Over half of the panel has brought work back previously outsourced work in house. Of those that have done so the average amount (they’ve brought back) is 17%.
  • The majority of the panel is quite prepared to ask suppliers to re-quote in order to match a lower price, with only 10% saying they would never do so.
View the full report here.

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