Manage your Vendors

Vendor performance, supplier evaluations, site audits, spend analysis are just a few of the areas which make up our topic today. Manage your vendors or suppliers involves performing what we call due diligence. If this supplier is important to your company you need to spend some time on them annually. What does this look like? You might need to complete a site audit or maybe your environmental and production manager will complete this inspection. It involves physically visiting their site to ensure there are no glaring concerns. Is there huge oil staining prevalent in all areas of their property? Is there waste and other unsafe conditions present inside the building? Is there zero inventory in their storage tanks? Are the employees unhappy? What about safety, documentation and there are many other areas which should be considered when you complete your tour. For a comprehensive site audit form we recommend you visit www.RFPTemplates.org and they also go into further explanations on the why and how. When it comes to a supplier performance review this is something that is usually completed by the purchasing staff. They gather the necessary information from all the other departments and put together a report which is weighted and which is then reviewed face to face with the supplier. Performance reviews with your suppliers can be good and can also have a more confrontation approach. Remember the idea is to provide corrective measures so the vendor pulls up their socks. For supplier evaluation forms we like www.RFQPro.com. The vendor performance form they offer is the best in the marketplace. It gives you a solid approach and indication of areas to review with your suppliers. As painful as managing your vendor can be sometimes the above gives you a way to do this without reinventing the wheel. Remember managing your vendors properly can save you money and headaches over the long term.