Within the scope of managing supplier performance, organizations face many challenges often stemming from limited visibility. These challenges include miscommunication errors, unreliable delivery, quality change, and a general failure to meet contractual obligations.
Executing effective supplier performance assessments requires a process that the supplier is able to adhere to without training and grants visibility to your organization. Otherwise, organizations’ struggle to assemble an action plan with missing data. They need to actively monitor trends to anticipate and address potential issues, and proactively prepare contingency plans.
Quality frameworks are also a challenge as suppliers need to meet custom and industry standards, and comply with applicable regulations to avoid risk and maintain high performance.
Supplier assessments are typically overlooked in organizations with limited resources or an unorganized risk management process, which ultimately leaves them exposed and vulnerable to risks that will carry price tags much higher than initial risk management efforts.
Without a reliable platform to streamline assessments and automate key functions such as report writing and data analysis, companies struggle to complete their supplier assessments. This reduces the ability to select the best supplier for your organization and ensure they continue high performance.
Poor supplier performance ultimately impacts your company by causing your own quality of product or service to drop and delaying your shipments, therefore causing public perception to fall. In the end, company growth is severely stunted due to either reduced income or reduced funds able to be spent towards risk mitigation.
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