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Richmond Events' Business Panel Report - Attitudes to Suppliers

Headline findings include:
  • 6% of the panel will meet over 50 potential new suppliers per year though none will appoint this many. 
  • On average the panel talk to 18 potential suppliers over the course of a year.  They then appoint on average 5 new suppliers per year – i.e. just over 1 in 4 (or 28%) of the companies they meet.   
  • The average number of suppliers that the panel employs over the course of a typical year is 28.  This can be further broken down to 23 (82%) existing and 5 (18%) new.
  • Only a minority of companies always employ a formal tender process or a short list system when appointing new suppliers.
  • 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 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 in this day and age price is the number one factor the panel looks for when compiling a shortlist of suppliers. This is closely followed by product quality and flexibility.
  • 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%.
  • However the majority of the panel has not changed their payment terms
  • Over half of the panel has brought work back previously outsourced work in house.  Of those that have done so the average amount (they’ve brought back) is 13%.
  • The majority of the panel is quite prepared to ask suppliers to re-quote in order to match a lower price, with only 6% saying they would never do so.
For full report

Dow Jones' VP of HR & Talent Management shares the value she gains from attending the CLO & Talent Management Forum


Dow Jones’ Lorna Hagen, VP of HR & Talent Management, shares the value she gains out of attending The CLO & Talent Management Forum in this unique case study!

Lorna Hagen has attended the CLO & Talent Management Forum for the past two years, and attends because of the senior level peer interaction: “We have great, candid conversations with senior level people at the Forum.  They tell us what’s worked, and what hasn’t: the good, the bad, and the ugly.”  She also attends because she can meet suppliers in a pressure-free environment: “Because of the speed of business and the numbers of initiatives we are working on, I barely have time to take unsolicited supplier calls.  They generally go through our directors, and they need a really compelling idea that ties to our business objectives.  At the Forum, they have a shot at reaching me directly.  And I’ve built lasting relationships with several new suppliers there.”

Download the case study

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