Proficient buyers understand the value, benefits, and strategic importance of evaluating their vendors. They also know that doing it well takes time. That’s why one of RFQPro’s core objectives is to provide practical, time-saving tools that make supplier evaluation easier, faster, and more consistent.
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 the benefits deserves its own post, but one point is universal: identifying vendor short comings and helping suppliers get back on track is simply good business. In many cases, Vendors may not be aware they are dropping the ball. Bringing certain short comings to their attention and documenting them is simply good vendor management.
This proactive approach will reduce the amount of time wasted or inefficiencies within your organization. How? When Suppliers ship the correct products, follow your specifications and provide accurate paperwork, your team spends far less time returning incorrect shipments or fixing pricing errors. These are two frustrating and everyday examples many organizations face.
Creating a clear 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