A comprehensive application to identify effective vendors through evaluation of their performance

Introduction

A reputed corporate – Home Electric Appliance manufacturer with extensive distribution channels and presence across nation aspiring to maintain its strong presence in the market consistently with viable business relations.

Problem Outline

Procurement Head of the corporate company was in need of Vendor Management Application system to overcome various procurement challenges and find easiest way for ranking the vendors based on their quality, on time delivery, vendor response, price and material rejections. In particular, their need was to do paperless job that reduce the time and energy on consolidating all quotes, making one to one comparison manually and finalizing the lowest quote They were looking to automate the process workflow from conventional to digital for regular vendor evaluation, wherein they could automatically send notifications to vendors about the material rejection without any separate email communication. Problem faced includes;

• No standard approach for dealing with poor performance of Vendors / Suppliers
• Time consumption for quote comparison and evaluation to be reduced
• Had communication gap with vendors for material rejections

Solution Summary

We offered them our product Vendora – supplier performance management software to reduce their manual works and eliminate their pains with respect to managing vendor / supplier performance. With this you can set up a larger vendor evaluation system to ensure you can get the fullest benefit from your evaluation data. The system helps track the consistency of vendor performance, rate suppliers each time they are used, help to distinguish which of the suppliers should be prioritized, as well as to map out potential risk areas. Supplier evaluation module in Vendor Management allows both supplier & buyer to better understand their strengths and shortcomings, encouraging both to work together to build a stronger long term partnership. Apart from the above they could get all status update right from ordering till delivery in a single hub where both buyers and vendors can be benefited.  Save time to evaluate vendor impact by 60% of the actual while deploying manpower and cost

Outcome

• Optimize supplier performance and eliminate poor performers
• Collaborate with vendors in a secure portal & drive business value
• Helps identify performance gaps and devise strategies to plug them
• Helps evaluate vendor deliver consistently on the promises outlined in the initial contract or agreement

 

Conclusion

To leverage the vendor management software and modernize your collaboration with suppliers for PO Transactions, submit a demo request.

   

Client Testimonial

With Vendora we are able to clearly communicate deadlines and expectations, identify the weaknesses and make the most out of the vendor management system features. We are now able to resolve issues and conflicts, improve response times, reactions to order revisions, etc ——— Head of Supplier Relationship & Management, Appliances Manufacturer