What factors should you prioritize when analyzing vendor data?

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Analyzing vendor data is a crucial skill for vendor negotiation, as it helps you evaluate the performance, quality, and value of your suppliers. However, not all data is equally important, and you need to prioritize the factors that matter most for your business goals and vendor relationships. In this article, we will discuss some of the key factors that you should consider when analyzing vendor data, and how to use data analysis and visualization tools to make better decisions.

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1 Cost and savings

One of the most obvious factors to prioritize when analyzing vendor data is the cost and savings of each supplier. You want to compare the prices, discounts, fees, and incentives that different vendors offer, and how they affect your budget and profitability. You also want to monitor the actual costs and savings over time, and identify any discrepancies, errors, or opportunities for improvement. Data analysis and visualization tools can help you create charts, graphs, and dashboards that show the cost and savings of each vendor, and highlight any trends, outliers, or anomalies.

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Robert W?chter

Manage data around the whole asset lifecycle in huge infrastructure construction projects I think lifecycle. I think know-how I Thinkproject
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For the numbers and figures part there are great tools out there to analyse and visualise vendor data. Especially when you are in the beginning of a vendor process. Most important, from beginning on, in my perspective is to think and build long term. This is for goals and for relationships.

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2 Quality and compliance

Another important factor to prioritize when analyzing vendor data is the quality and compliance of their products or services. You want to ensure that the vendors meet your standards and expectations, and that they follow the relevant regulations, policies, and contracts. You also want to track the quality and compliance metrics, such as defect rates, customer satisfaction, delivery times, and audits, and evaluate the performance and risks of each vendor. Data analysis and visualization tools can help you create reports, scorecards, and indicators that show the quality and compliance of each vendor, and alert you of any issues, problems, or violations.

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3 Value and innovation

A third factor to prioritize when analyzing vendor data is the value and innovation that they bring to your business. You want to assess the benefits, outcomes, and impacts of working with each vendor, and how they contribute to your strategic goals and competitive advantage. You also want to measure the value and innovation metrics, such as return on investment, customer retention, market share, and new products or services, and recognize the performance and potential of each vendor. Data analysis and visualization tools can help you create models, scenarios, and forecasts that show the value and innovation of each vendor, and help you identify new opportunities, solutions, or partnerships.

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Robert W?chter

Manage data around the whole asset lifecycle in huge infrastructure construction projects I think lifecycle. I think know-how I Thinkproject
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When it comes to a longterm perspective this is the most important part. Ask yourself what is crucial, when it comes to sustainability and innovation of your vendor.

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4 Relationship and feedback

A fourth factor to prioritize when analyzing vendor data is the relationship and feedback that you have with each supplier. You want to understand the communication, collaboration, and trust levels that exist between you and each vendor, and how they affect your negotiation process and outcomes. You also want to collect and analyze the relationship and feedback data, such as surveys, reviews, ratings, and testimonials, and improve the satisfaction and loyalty of each vendor. Data analysis and visualization tools can help you create surveys, dashboards, and analytics that show the relationship and feedback of each vendor, and help you address any concerns, complaints, or suggestions.

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5 Risk and resilience

A fifth factor to prioritize when analyzing vendor data is the risk and resilience of each supplier. You want to evaluate the exposure, likelihood, and impact of any threats, disruptions, or crises that could affect your vendor operations and supply chain. You also want to monitor and mitigate the risk and resilience data, such as incidents, alerts, backups, and contingency plans, and ensure the continuity and recovery of each vendor. Data analysis and visualization tools can help you create maps, charts, and dashboards that show the risk and resilience of each vendor, and help you prepare, respond, and adapt to any changes, challenges, or emergencies.

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6 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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What factors should you prioritize when analyzing vendor data?

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1 Cost and savings

2 Quality and compliance

3 Value and innovation

4 Relationship and feedback

5 Risk and resilience

6 Here’s what else to consider

Vendor Negotiation

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