Critical appraisal of vendor selection mechanism: A review in power sector companies of West Bengal

Abstract

Vendor selection is an organization's process of identifying, evaluating, and contracting with vendors. Now, to get quality material at a reasonable cost at the right time, considering sustainability and environmental effects in mind, the main concern for industrial operators is finding suitable vendors to operate. The vendor/supplier selection process deploys an enormous amount of a firm's financial resources and plays an important role in the success of any organization. The main objective of the supplier selection process is to reduce purchase risk, maximize overall value to the purchaser, and develop closeness and long-term business relationships with the vendors.In this paper, we will be dealing with all the criteria that are required to be evaluated before selecting a vendor among the alternatives, based on a power sector company in West Bengal.