Vendor Evaluation Tools
By : Mark Bell -
Vendor Evaluation Tools:
All proficient Buyers know the value, benefits and importance of evaluating your Vendors and to this you need the tools to complete a Vendor Evaluation. They also understand there are not enough hours in the day to competently complete this task. One of our objectives is to provide tools to make it easier for Buyers to evaluate their suppliers.
Some of the benefits your company will gain from completing regular vendor performance reviews are:
- Better communication
- Improvements to product deliveries
- Better service
- Process improvements
- Inventory reduction
- Cost savings
- Quality improvements … just to name a few
Getting into each one of the above topics on benefits is another post but identifying short comings with vendors to help get them back on track is good business and helps everyone. Many times Vendors may not be aware they are dropping the ball and by bringing certain short comings to their attention and documenting them is simply good vendor management. This in turn will reduce the amount of time wasted or inefficiencies within your organization. How? Well, if Suppliers are filling orders and providing correct paperwork in compliance with your specifications, less time is spent on returning incorrect shipments or fixing pricing errors. These are two everyday examples many organizations face. In any event, creating a paper trail demonstrates due diligence and is an important impression to make with your vendor whether you continue to have a future relationship with them or not.
RFQPro has a comprehensive Vendor Evaluation Template Form you can edit and use to make this task a little easier to ensure you are able to properly evaluate your Suppliers or Vendors. It is a 14 page document which provides questions and weighted measures for everything from item delivery to product quality. This template and our Sub-Contractor Performance template are included in our Premium and Mega Packs.
Our Vendor Evaluation Tools include:
RFQ22 – Facility Audit Form
RFQ30 – Supplier Evaluation Form
RFQ31 – Sub-Contractor Evaluation Form