How can you evaluate and compare vendors with a scorecard?

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When you need to choose a vendor for your business needs, how do you compare and evaluate different options? One way to simplify and standardize the process is to use a vendor scorecard. A vendor scorecard is a tool that helps you measure and compare the performance, quality, and value of different vendors based on predefined criteria and metrics. In this article, you will learn how to create and use a vendor scorecard to make better vendor decisions.

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Christopher Mott

Freelance Writer

1 What is a vendor scorecard?

A vendor scorecard is a document that lists the criteria and metrics that you use to assess and rank different vendors. The criteria and metrics can vary depending on your business goals, industry, and preferences, but they usually include factors such as price, quality, delivery, service, innovation, and reputation. The scorecard assigns a weight and a score to each criterion and metric, and then calculates a total score for each vendor. The scorecard can also include comments, feedback, and recommendations based on the vendor's performance.

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2 Why use a vendor scorecard?

A vendor scorecard can offer several advantages, such as improving your vendor selection process with a consistent framework for comparison and evaluation, as well as enhancing your vendor relationship management by setting expectations and providing feedback. Furthermore, it can increase vendor performance and value by encouraging continuous improvement and collaboration, while reducing your vendor risks and costs by detecting and resolving issues.

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3 How to create a vendor scorecard?

To create a vendor scorecard, you need to begin by defining your vendor objectives and requirements, as well as identifying the criteria and metrics to measure and compare vendors. Assigning weights and scores to each criterion and metric is also essential for evaluating vendors. Lastly, you should create a template or a format for your scorecard that displays the scores, comments, and recommendations. In doing so, you will be able to make an informed decision about which vendor is best suited for your business needs and priorities.

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Christopher Mott

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The first thing will be to separate your vendors by type or service. A janitorial company would not be graded the same as a general contractor or a materials supplier. While there may be some crossovers in what you measure, there will be major differences by service type. We would measure based on timeliness of work such as meeting a Service Level Agreement date, accuracy such as accuracy of a shipment or of invoicing, and quality. You can also track complaints for each vendor and attach a score for those.

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4 How to use a vendor scorecard?

Using a vendor scorecard requires careful consideration. Firstly, you need to collect and analyze data for each vendor, verifying accuracy and reliability to get the scores for each. Then, fill in the scorecard with scores, comments, and recommendations, documenting and communicating the results of your analysis. Additionally, compare and rank the vendors based on total scores and other factors to make a decision. Finally, share and discuss the vendor scorecard with stakeholders to get feedback and questions.

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Christopher Mott

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We would have regularly scheduled touchpoints with vendors on a monthly or quarterly basis depending on where each vendor was with their score. If the score of a vendor started to drop we would increase the frequency of these touchpoints. The scorecards should first and foremost be used as a way to help the vendor understand your goals and keep them on track. They should not be used to berate or intimidate the vendor. Share the scorecard with the vendor and show them where they are doing great or not. Get their feedback as to the cause of any failures or drop in score, and work together to come up with a path to success.

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5 How to improve your vendor scorecard?

To improve your vendor scorecard, you need to review and update your vendor objectives and requirements, criteria and metrics, weights and scores, and template or format. Consider how your business needs have changed since you created your scorecard, as well as how relevant and effective your criteria and metrics are for measuring and comparing vendors. Additionally, examine how accurate and fair your weights and scores are for assessing and ranking vendors. Lastly, assess how clear and user-friendly your template or format is for the scorecard. You may need to add, remove, or modify any of these elements to ensure that your scorecard is up-to-date.

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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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Christopher Mott

Freelance Writer
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Remember that creating the scorecard is often the easiest part of this endeavor. The real work will come in keeping track and logging the KPI you have chosen to measure. Often times you will find that any business management software you use will not track or produce vendor scorecards. And if they do have that ability, you will find that more often than not the scorecards do not align fully with the metrics you need. You will likely have to source metrics from multiple sources and import them. And metrics for things like complaints will have to be recorded manually and tallied when you produce your scorecard. Make sure that for whatever metrics you choose to measure, the juice is worth the squeeze!

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How can you evaluate and compare vendors with a scorecard?

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1 What is a vendor scorecard?

2 Why use a vendor scorecard?

3 How to create a vendor scorecard?

4 How to use a vendor scorecard?

5 How to improve your vendor scorecard?

6 Here’s what else to consider

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