Published: 15 September 2016
Analyst(s): Procurement Research Team
What is an objective way to determine whether suppliers might have the potential to be effective strategic partners? Establish clear and pre-defined areas of “future value” suppliers might provide that align with key business needs. Build an objective and measurable metric specifically tied to the area of potential value creation. (i.e. demonstrated innovation capability or number of creative solutions proposed). Review proposed metrics with suppliers to get feedback and buy-in rather than conducting assessments in-house and, Embed the new future value metric into existing performance scorecards.
Pre-define Critical Categories of Future Value
Build an Objective and Measurable Metric
Review the proposed value metric with the supplier
Embed the New Future Value Metric Into Existing Scorecards
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