Prequalification that saves time and reduces risk
It has become a standard practice to prequalify vendors prior to awarding or inviting them to tender. Yet the non-standard prequalification approach can defeat the core purpose of it all.
Unproductive, repetitive, inefficient
Vendors are subject to frequent prequalification processes involving various questionnaire forms, which leads to tied up resources and unnecessary frustration. On the other hand, organisations are also wasting valuable time having to evaluate information in many different formats.
- Continual drain on resources
- Confusion and bureaucracy
- High barriers for smaller vendors
Ineffective risk management
Not knowing if vendor questionnaires are comprehensive enough to cover key risk items is one thing; not being able to streamline the assessment and approval process is another.
- Inconsistency between various questionnaires
- Siloed vendor risk management
- Process bottlenecks or task duplication
A standard prequalification framework
- Vendor Optiqual®
- Know your vendors
- Smart workflows
- Vendor benefits
Vendor Optiqual®
Industry proven standards
Tailor a vendor prequalification questionnaire for your organisation based on internationally recognised standards PAS 91 and PAS 7000. This lays a common foundation to maximise synergy and network effect.
Know your vendors
De-risking your supply network
Capture the right level of business critical information across key areas, with core questions and optional/extended questions.
Example topics are shown here.
Smart workflows
Process governance made easy
Streamline the information collection as well as assessment process, with automated adherence to business rules.
Vendor benefits
Reduce admin burden
Develop a standard response to the “core” questions which can be used time and time again.
A less time-consuming and costly process also encourages more vendors to apply for work and focus on delivering value to clients.
Helpful Resources
Introducing standardised prequalification: Vendor Optiqual®
In this webinar, find out what standardised prequalification means, its benefits, and how Vendor Optiqual® can be implemented.
Why you need a standardised prequalification framework
With the reliance on third-party vendors being here to stay, there are clear opportunities to improve the very first interaction that would lay a foundation for strong supply chain relationships.
The fundamentals of vendor prequalification
Knowing your third-party suppliers and contractors is no longer a nice-to-have. It’s a prerequisite for supply chain risk management.
