LONDON--(BUSINESS WIRE)--SpendEdge, a leading procurement market intelligence company, has announced the completion of its article that reveals the top 5 tricks for vendor evaluation that will aid B2B companies to effectively streamline their procurement operations.
A majority of B2B companies have embraced digital technologies in their procurement operations to fulfill their objective of achieving the desired result in the minimum time. Earlier, procurement teams in B2B companies had to go through the arduous tasks of vendor evaluation that involved requesting quotations, determining the cost-benefit factors of several such quotations, and going back and forth with vendors during negotiations. In the digital age, these tasks are conducted on a single online platform with a better turnaround time. However, this apparent fulfillment of procurement operations leaves some questions unanswered which are about the efficiency of vendor evaluation and its functionality to streamline procurement operations for B2B companies.
As the marketplace is getting more complex, B2B companies are observed to be focusing on vendor evaluation to effectively streamline procurement operations in the long run.
Improving the vendor evaluation process requires B2B companies to analyze new and existing vendors. Request a free demo to know how our experts can help you with real-time insights pertaining to vendors in different industries.
Brief Overview of Some of the Vendor Evaluation Strategies Enlisted in this Article for B2B Companies
Setting clear performance benchmarks– To start with, it is advised to set a baseline against which the performance of vendors can be benchmarked along with setting measurable/quantifiable KPIs. The ideal way to start the process is to ask vendors to explore and understand their scopes of service delivery for a buyer. Following this, they must present a report regarding the services that will be provided and the improvements that can be expected. This can be the baseline for effective vendor evaluation.
Promote competitive bidding scenarios- The crux of this vendor evaluation strategy is to explore the capabilities of multiple vendors in a single place that brings convenience and efficiency to the process. Competitive bidding involves the invitation of bids from multiple vendors. They can be evaluated based on parameters such as flexibility in pricing terms, value additions, financial strength, reputation, and geographic presence.
Engage with vendors who offer a high level of technological expertise- Rapid advances in technologies such as VR, AI, and AR offer immense opportunities for the creation of unique campaigns to engage with prospective customers. This makes it an essential vendor evaluation criterion for B2B companies to evaluate vendors’ technological capabilities and the cost of implementing technologies before engagement.
Determining vendor evaluation criteria and methods to streamline procurement operations is a time-consuming task. Request a free proposal from our experts and know how they can assist you in vendor evaluation.
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