What Is Supplier Prequalification?
Prequalification of suppliers involves the screening of any current and potential suppliers or vendors to ensure all compliance and regulatory requirements are active and up to date. Other benefits that come with supplier prequalification include improved safety of workers, a greatly decreased risk of being found noncompliant, increased visibility into your supply chain, and a savings of time and money on administrative tasks.
The prequalification process includes defining your own compliance criteria and relevant performance indicators for each site and type of work, collecting and verifying documentation, and identifying gaps to help you make better procurement decisions and give you a stronger, more aligned supply chain.