Performance monitoring of suppliers // IT Management Solutions

Performance monitoring of suppliers

Supplier Performance ManagementCompanies across industries have become highly dependent on their suppliers. As a result, their business performance is now closely intertwined with the performance of their suppliers. A failure to manage and monitor supplier performance can lead to major supply chain disruptions, delivery problems, poor quality, and other issues that damage a company’s credibility, as well as their bottom line. On the other hand, an effective supplier performance management program can help a company spot supplier issues early on, and ensure that they are remediated in a timely manner, thereby reducing business risks and revenue losses.

However, the vastness and complexity of the global supplier network makes it difficult to manage and track supplier performance across all tiers. It isn’t enough to simply develop a few scorecards. Companies have to collect performance data from multiple suppliers, translate it into quantifiable metrics, identify areas of concern, and implement improvement plans. Supplier performance metrics also need to be integrated with data from supplier risk management and quality management to truly understand how well a supplier is performing. Trying to accomplish these objectives using multiple point systems or manual tools and spreadsheets can be inefficient, ineffective, and costly.

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