Being able to create a detailed vendor scorecard is an essential skill of any procurement team, which is why we’ve compiled this guide containing everything you need to know. You’ll not only learn how to develop supplier scorecards but also key best practices that go into creating them.
It’s no secret that the supplier selection process can either make or break your business, depending on how you handle it. Discovering potential suppliers takes time and financial resources, so it’s not a process your procurement team should take lightly.
Does your procurement team struggle to keep track of your RFP response process? If so, you’re certainly not alone. While creating requests for proposals is a necessity for any company wanting to buy goods or services from a third–party vendor - the process is often quite chaotic.
The RFP (request for proposal) process has become a staple of the modern construction industry for procurement teams and construction firms. In the past, many firms relied primarily on their reputation and word-of-mouth referrals to sustain themselves. Not as much anymore…
When sourcing is done right - you wind up with high-quality products or services at a reasonable cost while establishing positive, long-lasting relationships with your ideal suppliers. When done wrong - you could end up with low-grade products at a sky-high cost, driving your prices up as a result.
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