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What do you do if your vendor selection and performance need optimization through data and analytics?

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When it comes to managing your business, establishing strong vendor relationships is crucial. However, there may come a time when you realize that your vendor selection process and their ongoing performance could benefit from a more data-driven approach. In a world where data is king, leveraging analytics can provide you with insights to optimize these relationships, ensuring that you're working with the best and that they're performing at their peak. Let's dive into how you can harness data and analytics to refine your vendor management strategy.

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Laura Marques

Supply Chain Specialist | Data analysis | Logistics and Distribution | LSS Black Belt
Ankit Gupta

? 3 x Top Community Voice | Procurement | Category | Global & Domestic Sourcing | TCO | D2C | E-commerce | P&L |…
Greg Knasel

1 Assess Needs

Before diving into data and analytics, you must first assess your organization's specific needs. Consider the pain points in your current vendor relationships or selection process. Are you experiencing frequent delays, quality issues, or cost overruns? By identifying these challenges, you can tailor your data analysis to address these areas. This step ensures that the data you collect is relevant and actionable, setting the stage for meaningful improvements in your vendor management.

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Greg Knasel
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Prior to onboarding a vendor you should have success metrics in place and service level agreements that are agreed upon and tracked. You should be able to break down these metrics into levers you can pull to determine what isn't working with your vendor.

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Natalie Pimentel Storelli

Analista de Facilities | Gest?o de Manuten??o Preventiva e Corretiva | Otimiza??o de Espa?os e Recursos | Eficiência Energética | Gest?o de Contratos e Fornecedores | Sustentabilidade e Seguran?a Operacional
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Acredito que o primeiro passo é a defini??o das métricas e objetivos para ser identificado o ponto ao qual se deseja chegar. Qual o tipo de rela??o devem ser mantidas com o fornecedor? Isso também deve ser definido e evidenciado através de contrato de preferência.

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2 Data Collection

The foundation of any analytics-driven optimization is comprehensive data collection. This involves gathering data on vendor performance, including delivery times, quality metrics, and cost efficiency. You should also consider external data such as market trends and vendor stability indicators. The aim is to create a rich dataset that reflects both the current performance of your vendors and the broader context in which they operate.

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Natalie Pimentel Storelli

Analista de Facilities | Gest?o de Manuten??o Preventiva e Corretiva | Otimiza??o de Espa?os e Recursos | Eficiência Energética | Gest?o de Contratos e Fornecedores | Sustentabilidade e Seguran?a Operacional
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Identificar os dados necessários para avaliar o desempenho do fornecedor. Isso pode incluir dados internos, como registros de servi?os prestados e reclama??es, bem como dados externos, como benchmarks do setor e avalia??es de mercado. Realizar pesquisas internas também é importante para identificar pontos n?o enxergados pela gest?o.

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3 Analyze Data

Once you have collected relevant data, the next step is to analyze it to uncover patterns and insights. Use statistical methods and data visualization tools to interpret the data. Look for trends in vendor performance over time, and compare vendors against each other and industry benchmarks. This analysis will help you understand which vendors are meeting your standards, which are falling short, and what factors are influencing their performance.

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Natalie Pimentel Storelli

Analista de Facilities | Gest?o de Manuten??o Preventiva e Corretiva | Otimiza??o de Espa?os e Recursos | Eficiência Energética | Gest?o de Contratos e Fornecedores | Sustentabilidade e Seguran?a Operacional
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Dependendo dos resultados analisados, é importante verificar se n?o há algum processo ultrapassado, se os servi?os prestados e os métodos aplicados est?o condizentes com os que vem acontecendo no mercado, se trabalham para ajudar na melhoria dos processos ou está obsoleto. é sim importante a empresa seguir algumas tendências tecnológicas que s?o aplicáveis, o que mostra que a empresa dá importancia aquele departamento e que vem trabalhando para a melhoria contínua.

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4 Take Action

Armed with insights from your data analysis, you're now in a position to take action. This could mean renegotiating contracts with underperforming vendors, providing feedback to help them improve, or even searching for new vendors altogether. The key is to make informed decisions based on the data, ensuring that any changes you make are targeted towards optimizing performance and reducing inefficiencies.

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5 Monitor Results

After taking action, it's essential to monitor the results to ensure that the changes are having the desired effect. Continue to collect and analyze data on vendor performance, comparing it against the benchmarks you've set. This ongoing monitoring will help you see if your optimization efforts are paying off and will allow you to make further adjustments as needed.

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6 Refine Strategy

Finally, use the insights gained from monitoring to refine your vendor management strategy over time. This might involve updating your selection criteria to prioritize different metrics or adjusting your performance benchmarks. The goal is to create a dynamic process that evolves with your business needs and the changing marketplace, always seeking to improve the value you get from your vendor relationships.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Laura Marques

Supply Chain Specialist | Data analysis | Logistics and Distribution | LSS Black Belt
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- Defina métricas de desempenho claras: Identifique as métricas que s?o importantes para o desempenho do fornecedor, como prazos de entrega, qualidade do produto, custos, entre outros. - Colete e analise dados: Utilize sistemas de gerenciamento e software de análise para coletar dados relevantes sobre o desempenho do fornecedor. Isso pode incluir dados de inventário, histórico de pedidos, feedback dos clientes, entre outros. - Implemente mudan?as: Com base nas análises e na comunica??o com o fornecedor, implemente mudan?as necessárias para otimizar o desempenho, como revis?o de contratos, defini??o de metas claras, treinamento, entre outras a??es.

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Ankit Gupta

? 3 x Top Community Voice | Procurement | Category | Global & Domestic Sourcing | TCO | D2C | E-commerce | P&L | Commercials | Margin
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1.Define Goals & Objectives: Clearly define it for vendor selection & performance optimization. Ensure they are measurable and aligned with organizational vision and mission. 2.Identify Needs: Identify the data sources needed for analysis, such as fin, ops, customer, vendor data. check what data you need to access & analyze to make decisions. 3.Choose Right Data Tools: Select data tools & methods that fit in budget & resources. Tools should help you generate insights & solutions necessary for optimizing vendor selection & performance. 4.Implement & Evaluate: Implement data analytics plan & continuously monitor results. check outcomes & impact, adjusting as needed to ensure continuous improvement in the vendor selection and performance.

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What do you do if your vendor selection and performance need optimization through data and analytics?

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1 Assess Needs

2 Data Collection

3 Analyze Data

4 Take Action

5 Monitor Results

6 Refine Strategy

7 Here’s what else to consider

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