Vendor Performance Definition
Vendor performance is the process of assessing how well a vendor or supplier is meeting their contractual obligations. It can also be used to measure other aspects of a vendor’s performance, such as quality, customer service, and delivery times.
There are many different ways to assess vendor performance, but some common methods include surveys, interviews, and focus groups. Vendor performance data can also be collected from sources such as financial reports and order histories.
When assessing vendor performance, it is important to consider both quantitative and qualitative data. Quantitative data can give you a good overview of a vendor’s performance, but qualitative data can provide insights into specific areas that may need improvement.
Once you have collected data on vendor performance, you can use it to identify areas of improvement and make changes to your contract or working relationship with the vendor. You can also use it to compare vendors and choose the best supplier for your needs.
