As the owner of a small business, there are many headaches that may keep you up at night. Managing suppliers and mitigating risk is a prime example. The Markaaz Directory offers you an intuitive platform to verify, monitor and pay who you do business with in one place.
What It Is and Why It Matters for Your Business
A business cannot efficiently produce both the raw materials it needs and the final products it sells to customers, businesses secure materials from others—aka suppliers or vendors. Yet before your business contracts with a supplier, you will need to conduct some research.
Supplier verification, also known as vendor validation, is the process of confirming that a supplier your company wishes to contract with is both legitimate and reliable. If your business is subject to regulatory requirements or other standards, you will need to verify that the suppliers you work with abide by these rules as well.
Markaaz verification includes:
The process of choosing the right supply chain vendors to work with can be challenging for business owners and managers. Not only do you need to find vendors with the capacity to produce the materials you need, but you must also confirm that those vendors are who they claim to be.
You need the Markaaz supplier verification platform to protect your business from:
Supplier verification doesn’t eliminate the potential problems above. However, it can help you to reduce your risk exposure.
The need to vet supply chain suppliers does not end once you establish an initial relationship. Instead, supplier verification and monitoring should be an ongoing process for as long as you work together.
If a vendor you contract with undergoes changes in ownership, personnel, location, or other factors, it could have a significant impact on your supply chain.
The Markaaz Directory helps your business with your ongoing supplier verification needs.