Preferred Suppliers are those that have been identified by Procurement Services as the most advantageous to Moody Bible Institute. Criteria for selecting Preferred Suppliers include overall cost, product quality, lead times, payment terms, on-time delivery record, and adherence to contractual commitments.
Preferred Suppliers often belong to purchasing consortiums in the educational sector, enabling Moody to leverage the purchasing power of the entire membership and optimize cost reduction. Other advantages include access to already negotiated master contracts, streamlined purchasing processes, and information sharing. Suppliers who are part of a purchasing consortium have already been vetted through a rigorous bid process conducted by the consortium.
Being a Preferred Supplier does not guarantee they will be the lowest priced source for the all the products or services you need. But it does mean that they have been vetted through a formal bid process against other competitive vendors and found to be the overall best source based on the bid results. Also remember that there may be hidden advantages of using a Preferred Supplier even if they are not the lowest cost provider. These include service reliability, proven quality of products, rebates, return policies, product or service warranty, ease of obtaining sales tax exemption, more favorable terms and conditions, or overall cost savings over a range of products.