In the [Product] Picture: Supplier Performance Management
In this blog series, we keep you in the picture with the latest and greatest from Scout’s product team. Over to Chris Crane, co-founder and VP of product…
Last week, we unveiled our newest product innovation: Supplier Performance. This Scout module addresses an issue we had heard a lot from sourcing teams of all sizes — that it was difficult (or sometimes impossible) to manage your strategic supplier relationships in a way that would maximize impact. Supplier Performance makes the impossible possible, giving teams complete and constant visibility into suppliers. This makes it easy to track supplier performance and quickly gauge impact to the business, gather comprehensive feedback from stakeholders, and share development plans to increase value from the supply base.
So, what can Supplier Performance do for you? Here are just a few benefits:
Streamlined supplier review process Performance Review scheduling, stakeholder assignments, and reminders ensure punctual initiation of business reviews and keep the reviews on track.
Valuable supplier data Customized review templates collect pertinent assessment criteria, which in turn yields more beneficial data.
Enhanced collaboration Scout Supplier Performance unifies suppliers, sourcing teams, and stakeholders, which in turn allows for expedited exchange of information, easy analysis of data across teams, and streamlined communication.
Consistent supplier assessment Master templates allow you to enforce policy, ensuring standardization and allow consistent comparisons across suppliers.
Improved supplier analysis Scorecards provide at-a-glance insight historical performance while allowing you to deep dive into any issues or report on performance across your supply base.
Mitigated business risk Templated questionnaires make it easy to request updated information from suppliers and increase compliance.
Total visibility Clear and current data reduces surprises around supplier performance and helps establish plans to address issues before they negatively impact the business.
Continuous improvement Action Items help you manage development plans, ensure accountability, and drive more value from supplier relationships.
Too often, supplier management is purely transactional, but with this new product release, you can move beyond that to something far more strategic. Supplier Performance is the first of a series of supplier management releases we’ll be rolling out this year — and we can’t wait to hear what you think of it. Drop us a line or tweet us (@scoutrfp) with your thoughts and feedback!
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