Monitoring and analysis of vendor performance and reliability allows retailers to reduce stock levels, improve operational efficiencies, customer satisfaction and increase profitability.
Survey Analytics ensures that key stages of vendor review are executed in a timely fashion so weaker vendors can be identified quickly and steps taken to improve performance or replacements sought. In addition, it also enables monitoring of contract compliance and collaborative vendor relationships for improved analysis of these relationships.
Vendor Performance Management is the formal process of managing supplier relationships, measuring performance and driving continuous improvement with a company.s strategic suppliers.
Survey Analytics's Vendor Performance Management tool was developed to measure, analyze, and manage an organization.s performance in an effort to improve the relationships with suppliers, cut costs, alleviate risk and drive continuous improvement.
Managing and improving the performance of key suppliers is critical to ensuring a well functioning supply chain and in enhancing competitive position. As companies focus increasingly on their core competencies and outsource a greater percentage of work, their success becomes ever more dependant on the performance of strategic suppliers. The objective of Survey Analytics is to improve the performance of all parties involved in the contract and Service Level Agreement. Survey Analytics enables your company to provide a process to manage suppliers and ensure that the benefits and requirements identified at sourcing and acquisition stages are delivered throughout the life of the contract, while enabling you to focus resources on value added activities instead of reacting to supplier performance induced problems.
The Benefits of Survey Analytics's Vendor Performance Management.
- Survey Analytics provides organizations with a quantifiable bottom-line impact. It also provides companies with constant performance information and enables them to establish productive and sustainable relationships with strategic suppliers.
- Increase Performance Visibility :- By implementing this program an organization gains a holistic understanding of how their key suppliers are performing. Suppliers can be measured against preset targets and benchmarks established in contracts and Service Level Agreements.
- Increase Competitive Advantage :- By measuring supplier performance you can ensure the highest possible standard is produced by the vendor. Suppliers will be able to develop a collaborative relationship, developing efficiencies and thus driving their competitive position forward.
- Improve Stakeholder Satisfaction :- Ultimately the outputs for successful supplier performance management are greater profitability, streamlined productivity and stronger social responsibility . these areas are extremely important to stakeholders.
Vendor Assessment facilitates the annual data refresh by allowing vendors to review and update their information. Although the module can be used as a stand-alone tool, it integrates seamlessly with other CMS modules. Vendor ratings and other information are automatically incorporated in other elements of business continuity planning.