Vendor or Supplier Assessment
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.