The Importance of Vendor Performance Management in Your Organization

[katherinedesilviaParticipant]

Vendor performance management transforms vendor relationships from ad hoc to strategic purchasing. Utilize data, accountability, and insights to achieve control and competitive advantage while aligning with company strategy and creating long-term value.

All vendor relationships should be contractual, but adding a Service Level Agreement (SLA) for suppliers who offer mission-critical products or services makes sense. Responsibility, expectations, metrics, frequency, and timing should all be clearly stated in an SLA. If problems develop, there will be objective criteria to assess compliance.

• This topic was modified 3 years, 6 months ago by  katherinedesilvia.

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