What KPIs are used to evaluate vendor performance?
Vendor performance is a critical factor for successful project delivery and stakeholder satisfaction. However, measuring and evaluating vendor performance can be challenging, especially when dealing with multiple vendors, complex contracts, and diverse expectations. That's why you need to use key performance indicators (KPIs) to track and assess how well your vendors are meeting your requirements, goals, and standards. In this article, you will learn what KPIs are, why they are important, and how to choose and use them effectively for vendor performance evaluation.