Suppliers Evaluation Policy

Magic Beans suppliers of goods and services can be selected for evaluation normally on Yearly basis.  Our suppliers are evaluated based on seven evaluation criterias:

Quality - How reliable and consistent is the supplier's performance? How high is the quality of their products or services?

Cost - How competitive are the supplier's prices? Are there any additional costs such as delivery fees or maintenance costs?

Responsiveness - How quickly and effectively does the supplier respond to inquiries or problems? How willing are they to provide support and assistance?

Flexibility - How well can the supplier adapt to changing requirements or specifications? How willing are they to customize their products or services?

Expertise - How knowledgeable and experienced is the supplier in their field? How innovative are their solutions?

Reputation - What is the supplier's reputation in the industry? How successful have they been with other clients?

Sustainability - How committed is the supplier to sustainability and social responsibility? What is their environmental impact?

Each supplier is evaluated with a classification between 1 and 5, being 1 the worst classification and 5 the best classification. The year evaluation results are stored internally and identify the performance evaluation of each specific supplier. For evaluation purposes, if any supplier gets a classification of 1 or 2 in any item should be reviewed for continuation of usage of the supplier. The sum of all 7 criterias should be higher than 21 points. Suppliers evaluated with less than 21 points will be marked for exclusion for the period of 1 year, unless there is a valid justification to continue using that supplier.

Concurrent suppliers evaluations are compared and the higher classified supplier will be selected for continuation.

Last Updated: September 2024