You’re managing a supply chain and need to track vendor performance. What software should you use?

We internally developed a software for assess the vendor performance ratings We feed parameters to software like safety score, bill approval & rejection , quality of work , work completion time , Kaizen , etc based on that software generates a score.

Enterprise Resource Planning (ERP) Systems - Many ERP systems have modules or features specifically designed for vendor management and performance tracking. These systems integrate various aspects of the supply chain and can provide comprehensive insights into vendor performance. Vendor Relationship Management (VRM) Software- This software helps track and manage relationships with vendors, monitor their performance, and measure key performance indicators (KPIs).

There are several software options available for tracking vendor performance in supply chain management. The choice of software depends on your specific needs and the complexity of your supply chain. Here is one type of software that can be useful for vendor performance tracking: Supply Chain Management (SCM) Software: Oracle SCM Cloud: Offers comprehensive supply chain management capabilities, including vendor management and performance tracking. SAP Integrated Business Planning (IBP): Provides end-to-end supply chain management, including tools for supplier collaboration and performance monitoring.

There are several software options available for tracking vendor performance in supply chain management. The choice of software depends on your specific requirements, the size of your business, and your budget. Here are the best software one can use- 1.SAP Ariba Vendor tools enhance communication, tracking, and assessment, fostering collaboration and efficiency. 2.Oracle ERP Cloud ERP integration streamlines procurement, offers real-time visibility, aids data-driven vendor tracking. MasterControl MasterControl ensures vendor compliance, monitoring product quality, regulatory adherence, and efficiency. And many more like JDA for vendor performance tracking, Tableau for creating dashboards and vendor performance metrics and scorecards.

Use different software....but SAP also useful & small scale use Excel for creating vendor performance(Give a rating from 1 to 5 depending on the reference point giving a total score out of 10)

Dashboards created using Service Now are also helpful to identify the Problem RCA ownerships where the Vendors are liable. If the SLAs are tagged appropriately, it helps to action on it before it reaches its threshold. Reports like Incident Ageing, Forward Schedule of Change, Aged Catalog Tasks based on Item or Order Guide can help to track the ongoing dependencies on Vendors of different sources. There is always a scope to add more. ??

Vendor dashboards, created with tools like Tableau, Power BI, or Qlik Sense, offer real-time visualizations of vendor data. They enable proactive monitoring, trend identification, and issue spotting in vendor performance. These dashboards aid in quick decision-making and provide a transparent platform for stakeholder communication. Customization features allow tailoring dashboards to specific metrics and KPIs, fostering a comprehensive understanding of vendor relationships. Overall, vendor dashboards enhance efficiency, transparency, and collaboration in supply chain management.

Vendor portals are great tools to communicate with the vendors. These are often linked up with the ERP system and gives live data to vendors for their timely actions and decision making .. These portals are customizable for easy and effective communications for drawing revisions , plan changes , delivery schedules and vendor performance.. The uses are endless ..

Very understated, and there are a million solution providers to choose from. Choice of this would make or break your strategy. If I have to use one word.. its integration.. buy/build a portal what is integrated from day one! Your ERPs and other supply chain tools must be integrated to the perfomance portal, or else end up in a data maintanance nightmare, where no one trusts information anymore.

Vendor portals, like SAP Ariba, Coupa, or Zycus, offer web-based collaboration platforms for streamlined interaction with vendors. These portals facilitate the exchange of crucial documents, automate processes such as onboarding and compliance, and enhance transparency in the supply chain. By providing a centralized hub for orders, invoices, and contracts, vendor portals contribute to efficiency, accuracy, and trust-building. Cloud-based solutions ensure accessibility and real-time updates, fostering improved vendor relationships and overall supply chain management.

Performance of Vendors against our company norms nd requirements. Vendor approach towards distribution nd sales. Evaluation of cost wise there performance through SAP

Vendor reviews, conducted through tools like SurveyMonkey, Qualtrics, or Typeform, enable the collection and evaluation of vendor feedback. These reviews assess vendor satisfaction, loyalty, and recommendations, providing insights into needs, expectations, and challenges. By fostering engagement and addressing concerns, vendor reviews contribute to improved relationships, retention, and innovation within the supply chain. Utilizing survey software enhances the efficiency of gathering and analyzing feedback, supporting continuous improvement in vendor management.

Integrating Qlik Sense into vendor analytics frameworks enhances the visibility and traceability of vendor performance. Qlik Sense's advanced data visualization tools enable users to transform complex vendor data into clear, actionable insights. This facilitates easier tracking and interpretation of key performance indicators, allowing for more informed decision-making. By leveraging Qlik Sense’s capabilities, organizations can effectively monitor vendor activities, identify trends, and anticipate potential issues before they escalate.

Vendor analytics, utilizing tools like R, Python, or SAS, employs data-driven methods such as predictive modeling and machine learning to optimize vendor performance. By generating insights and testing hypotheses, it enables informed decision-making to reduce costs, enhance quality, and mitigate risks. This data-centric approach empowers organizations to continually improve and adapt their vendor management strategies, fostering efficiency and competitiveness within the supply chain.

Oracle SCM stands out as a strong choice for effective supply chain management with vendor performance assessment. Robust vendor management capabilities.

Since needs and priorities vary from organization to organization, it is best to devise a simple matrix considering cost, quality and delivery. Weightage to each component may vary based on different products and varying priorities of the organization.

For tracking vendor performance in Supply Chain Management, consider using dedicated Vendor Management or SCM software. Options include: SAP Ariba: Comprehensive solution for procurement, sourcing, and supplier management Oracle SCM Cloud: Integrates supply chain processes with supplier management features JAGGAER: Offers solutions for spend management, sourcing, and supplier collaboration Coupa: Cloud-based platform with procurement, invoicing, and supplier management. Zycus: Provides procurement, sourcing, and performance management solutions. Ivalua: End-to-end procurement solution with robust supplier performance tracking. Choose based on your specific needs, scalability, and integration requirements within your supply chain processes.

Sometimes all you have in your hands is a very simplified ERP, with no access to fancy SAP, Jaggaer, Ariba, etc… if that’s the case I believe a good approach would be to download an excel report from your ERP and create a macro dashboard to at least track vendor on time delivery perfomance, I would use this KPI as my starting point for tracking vendors performance.

Consider establishing key performance indicators (KPIs) aligned with your business goals. Regularly review and update these metrics to ensure they reflect evolving priorities. Additionally, foster open communication with vendors, encouraging collaboration and addressing issues promptly. Utilize a combination of tools for a holistic approach, integrating vendor dashboards, portals, reviews, and analytics to gain comprehensive insights into vendor performance. This multifaceted strategy enhances adaptability and resilience in your supply chain management.