Consulting Services
- Independent Business Unit
- Selection of the Type of Business
- Vendors Development and Assessment
- Marketing Consulting
- Operational Consulting
- HR Consulting
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Overview
Once we arrive at the conclusion jointly, we find out the suppliers and make a long term agreement of the business with suppliers doing vendor development activities.
Our Focus
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Selection of the Range of Products
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Vendors’ Development
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Agreement with Suppliers
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Reverse Engineering
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Product
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Legal Compliance by Vendors
Based on the assessment of type and model of business, a range of services or products are selected . While selecting our expert see the total logistic cycle and availability of RM/Finished product
Once the range of the products are finalised, we at FAROL offer service of Vendors’ Development process and system for ease of availability of the material and as per the specification of our client. At FAROL, our target is always to make the company system oriented, hence once genuine vendors are approved, getting material will be easy and as per the requirement of the client.
Once vendors are appointed, Techno Commercial terms are finalised to avoid any kind of confusion during execution of the orders and free flow of supplies
As earlier said, today’s market is very competitive. A businessman has to look for better products with better or the same performance but with better rates. R & D also tries to find innovative products replacing conventional kinds of products.
Being the operation cost is increasing day by day, we help clients in selecting other allied products used by the same customer to maximise sales in same operating cost.
It is very important to know that vendors are fulfilling all legal compliance like GST to avoid future problems by clients in claiming Input credit and all.
Expected Key Benefits
Advanced Reporting and Analytics
As a vendor management system stores all your vendor and contingent worker transaction data in a single, cloud-based solution, you can transform data into measurable results through analyzing this data.
Increase Efficiencies
After implementing your vendor management system and entering in your suppliers, you can then begin tracking and measuring performance against the contractual Service Level Agreements (SLAs) and Key Performance Indicators (KPIs) to ensure your vendors are complying with your specified requirements.
Reduce Process Life Cycles
Every process, contract, and transaction runs as a lifecycle. From purchase requisitions to staffing temp hires and invoicing, effective VMS usage streamlines each lifecycle by reducing cycle times.
Reduce Operational Costs
Leveraging a VMS benefits your business by reducing operational costs in multiple avenues. For example, a VMS works to effectively manage your vendor payment system and can quickly note any discrepancies regarding overtime and exaggerated pay rates.
Maintain Corporate Compliance
Businesses must be vigilant in remaining compliant with local and governmental regulations by having the correct contracts, insurance, onboarding protocols, and payment structures in place.
Improve Vendor Onboarding Process
Skilled workers are high in demand and are more apt to partner with businesses that are easier to work with.
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