Abstract

When identifying a need for goods or services, you first must understand the quality and regulatory requirements of the final product or service sold to the customer. Price isn’t the sole factor in supplier selection. The total value or cost of ownership—including on-time delivery, supplied parts quality, innovation and regulatory requirements—also must be considered. Often in a complex supply chain, whatever can go wrong will go wrong. Consistent checks and balances as well as considering the history of previous corrective measures can minimize or eliminate pitfalls in global supply chain management.