Vendor performance evaluation is the process that helps to choose the right suppliers. This is important because unreliable suppliers can have a devastating impact on a business’s success. The first task in vendor analysis is to determine your company’s purchasing needs.
Key benefit areas:
- Benefit from Single, Centralized Vendor Directory
- Manage New Vendor Selection & On-boarding
- Create action plans and manage progress from start to completion.
- Gain Insights and Monitor Third Party & Vendor Risk Trends with Analytics
With Vendor 360 dashboards:
- Measure the Vendors Performance based on the 2 main parameters – Quality and On-time delivery
- All the transactions with Vendors can be summarized at the single place
- Vendor ratings can be assigned based on their performance which are primarily based on
the 4 parameters – PO value, Repeat order, Billing and Payments
- The parameters can be customised as per your requirement. Weights can be added to each parameter for accurate approximation.