How to Shift Focus to Quality and Long-Term Value? How Do You Handle This?

In my company, vendor selection is heavily weighted toward the cost/quotation provided, with less emphasis on other critical factors like quality, communication, and management skills. While cost is always an important consideration, I believe that an overemphasis on price could lead to challenges with long-term vendor relationships, delivery timelines, and overall product/service quality.

What strategies or frameworks can I use to help my leadership understand the importance of considering additional criteria such as vendor reliability, quality of service, and their ability to manage projects effectively? How can I build a business case that emphasizes the long-term value and risk mitigation these factors bring, even if their initial quotes are higher?

I’d love to hear your experiences on this! Thanks in advance.
This question invites experiences and solutions while emphasizing the long-term business impact. It can generate a mix of practical tips and strategic approaches for you to bring to your boss.