LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the importance of supplier evaluation process.
With the rise in competition, it has become imperative for manufacturing companies to maximize value from their suppliers. They need to identify metrics that can help measure suppliers' performance and help them in structuring the supplier base. In addition, companies need a supplier evaluation process that can prove fruitful in identifying hidden cost drivers in the current scenario of global purchasing.
At SpendEdge, we understand that improving supplier performance plays a very important role in the success of any business. Therefore, we have compiled a list of benefits that companies can leverage by following our supplier evaluation criteria.
Supplier evaluation is critical for companies looking to improve supplier performance and evaluation capabilities. Request a free demo to know how our experts can provide you with insights to improve supplier evaluation capabilities.
Benefits of Supplier Evaluation:
Benefit 1: Identify Hidden Cost Drivers
Implementing supplier evaluation strategies help companies to minimize excess costs occurring due to suppliers' activities such as extra freight charges and obsolete inventory. It also offers detailed insights to companies regarding the practices implemented by their suppliers and reduces inefficiencies in the supply chain.
Benefit 2: Improve Performance Visibility
By improving supplier evaluation, companies can measure their suppliers' performance. They can also plan and implement strategies that can enable them to improve their performance. In addition, companies can achieve significant benefits by awarding their suppliers for their performance and enhance supplier performance management.
Want to know how supplier evaluation can help companies minimize wasteful costs. Request a free proposal to gain complimentary access to our solution portfolio.
Benefit 3: Mitigate Risks
Improving supplier evaluation process can help companies to address key risks associated with the business. These risks can be financial or operational depending on the type of business. Moreover, challenges posed by sub-tier suppliers can also be significantly reduced with the aid supplier evaluation system.
To know more about the benefits of the supplier evaluation process, get in touch with our analysts here!
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
Want more information? We’re happy to help! Tell us more about your business challenges.