PetraSources quest for Total Quality, Cycle Time Reduction and other strategic objectives mentioned earlier in this guide, effectively limit the number of suppliers that meet our requirements. These objectives, coupled with the shortage of world-class suppliers have made it increasingly difficult for companies to become qualified to supply products and services to PetraSources. Suppliers who have been successful at PetraSources can be assured that they have met some of the most stringent requirements in the industry.
Successful sourcing at PetraSources is not achieved solely on the basis of securing competitive bids. We are not looking for the lowest prices, but for the best value on a total cost basis. We strive to work with suppliers who are not only capable of, but also motivated to share PetraSources standards for total quality and continuous improvement. Companies under consideration as potential suppliers are evaluated in a process using the following criteria:
- Process Control
- World-wide Cost Competitiveness
- Innovation/New Ideas
- Financial Stability
- Delivery Predictability/Reliability
- Management Philosophy
- Training Programs
PetraSources expects to establish long-term relationships with capable suppliers and work closely with them over time to achieve high levels of quality and productivity. This process involves communicating intentions and expectations clearly, defining measures of success, obtaining regular feedback, and implementing corrective action plans to improve performance.