Supplier selection scorecards are a must-have for choosing the right partners, reducing risks, and keeping procurement costs in check. Here’s a quick rundown of their key benefits and best practices: ▶️ Clarity in evaluation: Scorecards allow you to compare suppliers objectively using KPIs like pricing, quality, and lead time. This prevents bias and ensures decisions are based on solid data, not gut feelings. ⏩ Risk management: Scorecards help identify red flags, from financial instability to compliance risks. By centralizing these insights, you’re better equipped to avoid suppliers that might endanger your operations. ▶️ Cross-departmental input: Involve stakeholders from departments like finance and CSR to ensure scorecards align with broader company goals. This collaboration leads to a comprehensive view of supplier impact. ⏩ Accurate supplier data: Scorecards are only as good as the data they’re built on. Services like Veridion keep your data up-to-date, ensuring you’re assessing suppliers based on their current capabilities, not outdated information. ▶️ Cost savings: By focusing on suppliers who offer the best value across various metrics, scorecards can help you negotiate better terms and drive long-term savings in procurement. Explore the full guide on our blog. 👇
