Supplier Evaluation

Supplier Evaluation is a crucial process undertaken by procurement teams to thoroughly assess potential vendors before entering into contractual agreements, ensuring the selection of the most suitable partners. This evaluation extends beyond the pre-contract phase and includes ongoing assessments of the performance of existing vendors to proactively identify and mitigate risks.

The primary objective of supplier evaluation is to identify vendors that align with the specific needs and requirements of a business entity. For pre-qualification assessments, supplier evaluation encompasses a diverse range of tests and scorecards. Suppliers undergo a comprehensive evaluation that involves responding to questionnaires covering aspects such as legal compliance, annual turnover, and product inventory. The overarching goal is to identify reliable suppliers who adhere to industry norms and consistently deliver high-quality materials and/or services.

Learn more about Ivalua's Supplier Management Solutions.