Preferred supplier

A preferred supplier is a specially designated category of chosen suppliers that play a pivotal role in the procurement strategy of a company. These suppliers are not just transactional partners; they are integral participants in the collaborative process, often invited to engage in regular meetings, even during the early stages of product development.

The procurement department actively manages and maintains relationships with preferred suppliers, ensuring fixed acceptances and fostering a commitment to exclusivity. This level of exclusivity encourages a close and cooperative partnership between the vendor and the company.

Learn more about Ivalua's Supplier Management Solutions.