Vendor or Supplier Assessment is the process of evaluating potential suppliers to determine their ability to meet an organization's needs. This involves analyzing factors like performance history, product quality, pricing, and reliability to ensure they provide the best value and minimize risks.
- Purpose: Evaluate supplier performance, compliance with contracts, and risk factors in the supply chain.
- Key Areas: Quality of goods/services, delivery reliability, ethical practices, regulatory compliance.
- Frequency: Annually or during contract renewals.
How to Evaluate Vendors and Suppliers
- Add your suppliers to your company directory
- Evaluate them: either set your own rating criteria or use our online forms