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How to secure new construction contractors in a tight market

Posted by Altius on Oct 17, 2014 4:59:14 PM

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With economic recovery on the rise, it's no longer a buyer's market when it comes to hiring construction contractors. Speedy, efficient assessment of new suppliers is essential.

Latest data from the Markit/CIPS UK Construction Purchasing Managers’ Index shows the sharpest expansion of construction output for eight months - its strongest since Summer 2007. The lack of construction industry capacity is particularly acute in London.

Your tried and trusted contractors may now be too busy to be at your beck and call and it could be time to expand your supply base. But how do you select and assess new contractors and get them on board speedily - without making the process too painful for either party?

Pre-qualification

A frequent complaint among both suppliers and clients is the snail-like progress of pre-qualification checks and compliance assessments. This is a common failure of traditional paper-based assessment processes that have simply been re-created online. As such, assessment takes weeks, and sometimes months - rather than days. Valuable time is wasted, your supplier's patience wears thin and you are in danger of missing deadlines.

Best Practice Guide to Supply Chain Compliance Now Available >

A further frequent complaint from contractors is their frustration at having to jump though unnecessary hoops and answer questions and submit evidence - based on criteria that have no relevance to the work they will undertake. To add insult to injury, the traditional assessment process is to repeat this long winded process entirely from scratch every year.

Vendor assessment

The Altius Vendor Assessment system has been designed to overcome the problems and complaints that beset traditional compliance assessments. The entire process has been re-engineered to create a real-time, intuitive web based system. The agile software means assessments can be completed in days - not weeks. As such, 92% of assessments are completed within two working days, with more than 90% of suppliers making use of telephone support to complete their assessment quickly and efficiently.

Unlike traditional supplier assessments, which meet the core needs of most users, Altius tailors its assessment to the individual company - so that suppliers only answer questions that are totally relevant to the tasks they will perform and the appropriate risks they face.

Not just health and safety

It also differs in that it can manage compliance on many additional parameters - not just health and safety. Clients can configure their assessment to the issues that matter to them, including parameters such as commercial risk, bribery and corruption policies, information security, CSR, quality, and environmental and employment law.

The Altius supplier assessment programme eliminates the need for manual processes and juggling of spreadsheets. The process of assessment is continuous and lapses in compliance have been designed out, for example, insurance cover renewal dates are flagged to suppliers - helping make compliance easier, particularly for smaller companies.

It is less onerous for suppliers, who simply update specific assessment details when prompted, rather than being required to re-submit each year, therefore having confidence that they are always covered.

Are you following compliance best practice?

 Managing logistics, procurement, information security and a myriad of other requirements means compliance is often the last thing you want to be thinking about. Compliance, however, can help you achieve a comprehensive, reliable and performance-driven supply chain.

Download our free guide, Introduction to Supply Chain Compliance Best Practice and find out how you can achieve better results through better supplier assessment, implementing KPIs and improving your management techniques.

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Photo Credit: Pixabay

 

Topics: Health and Safety

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