DAY 2: Future Planning: Charting a Course Forward
Wednesday, April 1st, 2020
When it comes to managing multiple suppliers and corresponding sets of varying business rules, it’s critical to have a concrete supplier evaluation plan in place to have internal and external accountability, as well as justification for continuing supplier relationships in the future. Measuring and evaluating supplier performance leads to potential reduction in costs, increased process efficiency and business performance, prevention of product issues and post-payment defects, and major improvements in the supply chain. So how can you assess your suppliers to make sure they're measuring up?
• Technologies to measure supplier performance in real time
• Crafting mutually beneficial supplier scorecards so they know exactly how they’re performing against your SOW
• Obtaining the right mix of data to benchmark
• At what point do you determine your suppliers need to be audited—is there a regular schedule or review process?
• Working with underperforming suppliers to bring them back up to expectations