Vendor approvals: How to improve your process.
Vendor approval is an essential part of the purchasing process. Learn more about how your company can streamline the vendor approval process to prevent purchasing delays.
A vendor approval process is needed to ensure your company can purchase what it needs and always get the right products at the best price. But what happens when the approval process delays important purchases? Use PDF vendor approval request forms and electronic signatures to keep the approval process moving along.
Steps to avoid purchasing delays.
To source, vet, and approve vendors can be a lengthy process. Sometimes, to get goods and services when needed, there isn’t time to complete the entire process. If, for example, your regular vendor can’t fulfill an order when you need it, you need to find an alternative source. Having a streamlined vendor approval process can help you get the products you need fast.
Here are some steps to help speed up the vendor approval process:
- Maintain a database of potential vendors for goods and services your company regularly purchases. By keeping this list current, you can avoid sourcing delays when it’s time to find a new vendor. You’ll already know where to find what you need.
- Create an expedited “exceptional needs” approval process that empowers managers to sign off on purchases from unapproved vendors for an amount under a specified limit. You can use this special process to quickly bridge the gap created when changing vendors under emergent circumstances.
- Establish a conditional approval stage that allows managers to purchase from vendors who have not yet completed the full approval process. This step can enable your company to buy what it needs from a vendor during the approval process, if necessary, with appropriate conditions.
Remember, you can streamline your company’s vendor approval process using PDF forms with electronic signatures. Don’t waste time printing approval requests and waiting for managers to sign them. Simply email a PDF approval request that managers can sign electronically.
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