Preferred Supplier List

Certified Inventory Optimization Professional (CIOP) is an end-to-end supply chain certification program. The certification consists of 30 modules focusing both on traditional and futuristic topics. The traditional topics are introduction to supply chain management, all about inventory, strategic business planning, forecasting, demand management, capacity management, sales and operations planning (S&OP), master scheduling (MPS), materials requirements planning (MRP) and production activity control (PAC). It also includes topics on procurement, warehousing, transportation, distribution, and packaging. The topic on the future trends such as Blockchain, Internet of Things (IoT), Robotic Process Automation (RPA), Machine Learning (M/L) and Artificial Intelligence (AI). There is a significant focus on supporting technologies such as forecasting and process mapping tools such as Microsoft Visio. In addition to the above indicated topics the participants need to master over 3000 terminologies in supply chain management.

Essentially, a preferred supplier list or procurement contract list is an agreement of established, pre-qualified, agreed on suppliers that your company will utilize to buy products and services from. The sourcing assessment process will ensure that your preferred suppliers are able to support your organization s strategic objectives and goals for success. Utilizing a procurement service can save you time and money as you won't have to spend precious time searching for potential vendors and wholesalers. Additionally, once you've signed the contract with a particular provider, he/she will be the one to manage your inventory. The vendor's team is then responsible for fulfilling your order and any associated documentation.

There are many benefits and advantages to using a procurement services provided by a preferred supplier list. One of the biggest benefits is the elimination of time and expense spent in sourcing companies and their products. Most companies spend weeks and months trying to source the right manufacturers, distributors, suppliers and brokers. With a procurement service provider, the time and expense are eliminated. You can focus your time and attention to other aspects of your business.

Another advantage of using a preferred supplier list is that you eliminate the risk of errors during the contracting process. When conducting the initial sourcing phase, mistakes can cost you hundreds if not thousands of dollars in additional costs and fees. By eliminating the risk of errors during the contracting process, the amount of time and money spent during the actual manufacturing phase is reduced significantly, thus increasing profits and decreasing expenses.