Long-term Business Relationships
Coface is a global leader in risk management, with over 75 years of worldwide experience.
Rosario Castillo, Coface’s Country Manager, tells us how they leverage their experience in risk management to become strategic partners for companies in Latin America, who evaluate their suppliers through its “Supplier Report” service.
1. Could you share with us the experience that Coface has accumulated in the field of supplier qualification? What is the medium-term vision regarding this service?
At Coface, we offer transparency in supplier management by identifying risks and contributing to the development of stable, long-term relationships.
Our reports are prepared by a team of specialists and can be tailored to each company’s needs, including analysis of reputational risk, operational risk, anti-fraud measures, ESG metrics, among others.
2. In your experience, what are the main challenges that companies face when qualifying their suppliers, and how does your company help overcome them?
Supplier qualification is a critical function that involves finding the right suppliers, negotiating contracts, managing relationships, ensuring compliance, and monitoring performance. However, evaluating suppliers can be challenging, especially when dealing with a large number of suppliers, complex contracts, and constantly changing regulations.
3. For companies looking to improve their supplier qualification process, what advice would you give them to ensure they are making informed and strategic decisions?
In any supplier qualification process, it’s crucial to prioritize and focus exclusively on factors such as experience and reliability. These help identify a supplier’s capacity and behavior based on past clients. Additionally, inefficient processes lead to wasted time and resources, reducing productivity. Implementing continuous improvement methodologies and leveraging technology can enhance profitability.