1. Gather Requirements

• We begin by defining the need, quantifying the amount, and determining where and when it's needed.
• Our procurement group works closely with internal customers to make sure requirements are clearly outlined. This discipline sets performance expectations for a particular contract or agreement.
• Before we go to market, we look across the Thomson Reuters enterprise for similar needs, to make sure we are making the most of our purchasing scale.

2. Research the Market

• Our objective is always to ensure that the chosen supplier is a good match for our requirements.
• Through our commodity management process, and through specific sourcing actions like request for proposal (RFP) or request for information (RFI), we study markets globally, looking for suppliers who can deliver innovation and competitive cost.

3. Evaluate Suppliers

• The criteria we use to evaluate suppliers depends on the product or service we are sourcing.
• Supplier choice is not always based on price. Weight may be given to flexibility, service, quality standards, or other factors.
• Suppliers may be evaluated by West even when there is no current need, as a resource for the future.
• Criteria are typically communicated either through a specific RFP or a small pilot to test a supplier's ability to handle the work.

4. Negotiate Agreement

• A standard contract template with terms and conditions is the starting point for every agreement we negotiate.
• Our policy is to contract for purchases over $25,000.
• A standard set of terms and conditions is part of every purchase order generated electronically. View these terms and conditions (PDF).

5. Manage Contract and Supplier Performance

• In cases where the contract is critical or involves considerable expense on our part, we will set up regular performance reviews with the supplier and the internal business process owners, to ensure we meet or exceed the expected results.