Strategic, instead of preferred.Vector Magnets’ approach to suppliers is part of our strategic plan since it’s deeply understood that almost every company, whether product- or service-oriented, is dependent on suppliers.
Being loyal to suppliers is essential to our business's good health and growth.
• Quality: Supplier components can positively or negatively affect the quality of our products. Higher quality increases customer satisfaction and decreases returns, which is deemed as a value added serivce.
• Timeliness: Timely deliveries are crucial to how customers view our reliability. A quick turnaround can become the key to minimizing our inventory, which in turn translates to less risk of inventory obsolescence and lower cash needs.
• Competitiveness: Suppliers can give us the one-up on our competition based on their pricing, quality, reliability, technological breakthroughs and knowledge of industry trends.
• Innovation: Suppliers can make major contributions to our new product development. The good ones will understand our company, its industry and needs, and can help us tweak our new idea.
All of these improve our cash position.
Vector Magnet is a demanding customer, but fair. The need for quality and time can never be compromised. Thus, Vector Magnets wants its supplier to stay competitive. Meanwhile, we don’t expect to pay higher prices than other purchasers.
There are times we need to replace a supplier because we have outgrown them and they can't perform to our new expectations. Before dropping these suppliers, however, we still might try to help them change to keep up with us.
We expect your approach to Vector Magnets and become Vector Magnet's most reliable partner.
Register your company in our supplier panel. Our Sourcing Manager will get back to you later.