Supplier Evaluations

Taking the time to evaluate your suppliers will pay dividends. If you have 100 vendors in your supply chain and about 20 of them are considered major vendors or suppliers you spend most of your operating budget on, then these are the vendors you want to take the time to properly manage. A supplier evaluation is an assessment on how they are doing or have been performing over the last 12 months. We recommend you complete a review at least once per year. Many companies like to use scorecards and most evaluations do have a scoring or weighted average calculation built into them. If you are about to launch into creating a performance review we can suggest you try to look at ready made templates to allow you to get some solid ideas on what types of questions you need to ask. Looking for more tips on vendor performance tools checkout RFQPro today.