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30 December 19

Supplier Financial Stability: Protecting Your Lab’s Operations

From Richard Parke, SVP Global Supplier Services at Avetta:

As a lab manager, a critical task for you to protect your operations is creating relationships with the suppliers of key services—and these suppliers must be thoroughly vetted for reliability and financial stability. In fact, validating and maintaining oversight of these two essential qualities may be one of the most critical undertakings to predict both business growth and safety from a regulatory perspective.

The symbiotic relationships between a lab and its suppliers carry risk for both parties. And, of course, your suppliers value knowing they are a trusted partner in your supply chain, just like a lab manager needs to know that suppliers are trustworthy. Going through a specified process to vet suppliers can create stronger, more reliable relationships between your suppliers and your lab. 

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