Benefits of Using Preferred Vendors
Preferred Vendors are those that have been awarded a contract by PRS for use by all departments and schools. We strongly encourage you to utilize Preferred Vendors.
Benefits of using Preferred Vendors:
- Maximizes overall best value to the University
- Preferred Vendors deliver the best overall value to the University based on the price, delivery capabilities, quality, past performance, training, financial stability, ease of ordering, etc.
- Ease of ordering
- It's easier to order from Preferred Vendors, especially those with catalogs enabled in the iBuyNU marketplace.
- Reduced transaction costs (total costs of acquisition).
- Improved productivity and efficiency of department personnel
- Departments/schools are not required to solicit other bids when choosing to utilize a Preferred Vendor because this activity has already been performed by PRS.
- Terms and conditions have also already been established.
- Allows departments and schools to better focus on their core responsibilities, which are primarily teaching, research, and other administrative duties.
- Savings due to consolidating purchasing power and leveraging volume
- Consolidation of usage drives up volume, providing incentive for vendors to offer the best possible price.
- The price on contracts is the actual price departments/schools will pay. All savings are realized by the ordering department/school. If pricing is ever improved, everyone benefits.
- Reduced risk due to improved contract administration
- Service levels are higher because these vendors have a stronger commitment to the University.
- PRS monitors the performance of Preferred Vendors to make sure they comply with the contract agreement.
- PRS has considerable leverage and is able to hold these vendors more accountable in ensuring the products and services meet the expectations of departments/schools.
- If expectations are not met, PRS can assist in resolving the disputes.
- Improved access to information, to further improve contracts.
- Better management control and more automated adherence to policy. This minimizes the ethical questions about vendors you are purchasing from.