LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the need to evaluate supplier performance. It is essential for every business organization to assess the performance of their suppliers as it plays a critical role in preventing product issues, increasing efficiency, enhancing business performance, and driving improvements in the supply chain. Also, supplier performance evaluation helps in improving efficiency and strengthening supply chain partnerships. Additionally, it helps firms in achieving significant cost savings.
In today’s competitive business scenario, a successful supplier evaluation plan enables organizations to develop a robust evaluation process. Best practices in supplier evaluation also help in determining the growth of a company. Moreover, it assists organizations in optimizing performance while improving their overall business efficiency.
According to the procurement experts at SpendEdge, “Supplier performance evaluation stands for a focused, smart and robust plan of measuring, analyzing, and improving supplier performance.”
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Components of a successful supplier evaluation plan:
- Classifying suppliers – It is essential to classify your suppliers into different categories for better assessment. It can be done by either grouping them based on the product type or geographic location.
- Developing a robust evaluation approach – Organizations can incorporate several methods of evaluation including supplier scorecards, contract management, and six sigma.
- Creating an actionable plan – It is necessary to track the action items on a regular basis and revise goals if required.
- To know more, download this whitepaper
Download the detailed whitepaper on ‘Quick and Effective Guide to Evaluating Supplier Performance’ here: https://www.spendedge.com/request-white-paper?related=6448
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