Many organizations are recognizing that effective global Governance and Vendor Management requires more – often much more – than post period tracking of whether suppliers are performing in line with a signed contract.
Instead, to produce lower risk and superior results, an integrated approach to global governance and scorecards weaves together real time transactional performance, the introduction of “causal” metrics, closer ties with the vendor assessment and risk controls activities, and, perhaps above all, continuous analysis of market intelligence.
This Neo Insights examines the 3 tiers of an integrated vendor management scorecard: market data, supplier data and internal data. This comprehensive approach enables organizations to measure and monitor on-going vendor performance, improve governance practices, identify and avert risks and to spot opportunities for organizational gain.