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Richmond Events' US Business Panel Report - Attitudes to Suppliers Research

The latest Richmond Events' business panel is now available. Please read on for headline findings and to download the full report.

Headline Findings

  • 4% of the panel will meet over 50 potential new suppliers per year though none will appoint this many.
  • On average the panel talk to 15 potential suppliers over the course of a year.  They then appoint on average 5 new suppliers per year – i.e. 1 in 3 (or 33%) of the companies they meet.
  • The average number of suppliers that the panel employs over the course of a typical year is 26.  This can be further broken down to 21 (81%) existing and 5 (19%) new.
  • Only a minority of companies always employ a formal tender process when appointing new suppliers, however slightly more do operate a short-list system.
  • In terms of input from other departments during the appointing of new suppliers, procurement are most likely to be involved, finance and legal in some cases and HR and the CEO less so.
  • The 2 top ways of sourcing potential new suppliers are recommendations/word of mouth and through meeting at a conference. 
  • No surprise that price is the number one factor the panel looks for when compiling a shortlist of suppliers. This is closely followed by product quality and reputation.
  • 82% of the panel have asked some of their suppliers to re-quote their prices over the last few years, with the average number they’ve asked being 30%.
  • A third of the panel have changed their payment terms accorded to suppliers over the last 5 years, whilst 13% haven’t yet but wouldn’t rule it out in the future.
  • Over 70% of the panel has brought previously outsourced work back in house.  Of those that have done so the average amount (they’ve brought back) is 10%.
  • The majority of the panel is quite prepared to ask suppliers to re-quote in order to match a lower price, with only 7% saying they would never do so.


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