Our Supplier Records and Management Policy can be used to establish procedures for maintaining comprehensive records of all major suppliers, assessing their value, and managing relationships with them. It aims to ensure the best combination of supplier quality and pricing. 

Within this document, you will find definitions of key terms and an outline of responsibilities, including record maintenance and supplier analysis for potential improvements in purchasing value. Furthermore, this policy provides guidance on how to manage supplier records effectively, including tracking various details like contact information, payment preferences, contract provisions and purchase order history, all aimed at enabling better purchasing decisions and fostering more economical business operations. 

According to this tool, the purchasing department is responsible for:

• Ensuring that adequate supplier records are maintained
• Making judgments and related recommendations about the value and quality of suppliers
• Maintaining arms-length relationships with all suppliers
• Periodically assessing the potential for improved purchasing value through the analysis of current and potential suppliers