Download the Supplier Evaluation Guide-SignalX
Looking to ensure that your business only works with suppliers who meet your quality standards while minimizing risks?
Supplier evaluation is a critical process that assesses the capabilities and risks associated with prospective or existing suppliers. Its purpose is to help your procurement or business teams make informed decisions about your trade partners.
A supplier evaluation process can help you achieve desired quality outputs and align your suppliers with your business expectations. Additionally, it ensures that your suppliers are not exposing your business to financial, legal, reputational, or regulatory risks. Unfortunately, 87% of surveyed enterprises experience one or more disruptions annually in their supply chain due to health and compliance issues with their suppliers.
To mitigate these risks, businesses need to be confident that their suppliers are not only capable of delivering the right products and services on time but are also financially sound and compliant with regulations. A robust supplier evaluation process is a vital component of effective supply chain management, driving supply chain resiliency and protecting your business from unforeseen risks.