How to establish a successful AML
07 September 2020
Companies do not exist in a vacuum. Whether they are a product or service provider, all companies are a part of one or more supply chains that create and deliver value to an end user. For example, an oil company needs heat exchangers, pressure vessels, and a series of other goods and services to produce oil, refine it and transport the final products to a series of clients. To do that, every business must develop a list of suppliers capable of providing the necessary input, with proper quality and in a timely manner.
An AML (Approved Manufacturer List) is a compilation of trusted companies that provide this service. Small businesses may arrive at a specific AML list by trial and error but as a company grows, it will eventually create a more formal process for evaluating suppliers and monitoring supplier performance. An AML must be frequently reviewed in order to ensure that the original capabilities that allowed the supplier to be included remain satisfactory. Companies should refrain from adopting the restricted view that supplier evaluation is just about checking boxes. Reviewing suppliers opens a world of new possibilities, such as cooperation in the development of new technologies or the stablishing of frame agreements.
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