How Versatex finds the right suppliers

So how does Versatex finds the right suppliers?

There is no trick when it comes to helping companies find suppliers who are a great fit. It usually comes down to business basics: treating suppliers with respect and wanting them to succeed – and having a team of veterans in the sourcing and procure-to-pay industries like those at Versatex with the expertise to do so.

Versatex helps organizations manage the 80 percent of transactions that make up 20 percent of their spending. That management includes overseeing supplier networks for our clients.

When an organization partners with Versatex, there are three phases to our relationships with their suppliers.

1) Establish stability. We want the relationship with our new client to go as smoothly as possible, So, the first thing we do is transition existing providers who have a history with the client. That creates stability across the network.

2) Go through the assessment shakeout phase. The biggest misconception suppliers have is that we’re always looking for ways to replace them. That couldn’t be further from the truth. We’re actually trying to help them succeed.

This phase is when suppliers make their case as to why they should continue in the program. We’re also learning more about our clients during this time. As we do, there might be suppliers who work for another client of ours who we think could be a good fit in the new client’s network.

3) Build strategic partnerships. In this phase, we’re identifying suppliers of the new client who have excelled and who we think might be an outstanding fit for another organization. We continue to help them succeed by giving them the opportunity to grow their business.

At the end of the day, the most important thing we can do for our clients and our suppliers is make sure their values align.

And that comes down to another important business basic: caring about and thoroughly understanding our clients’ needs.