Establishing a Vendor Evaluation Framework: An Analytics Expert’s Take on the Dos and Don’ts

• Disruptions induced by the COVID-19 pandemic have shed light on the need to evaluate vendors’ ability to deliver the services you need to maintain critical operations under emergency conditions

• Experts at Quantzig suggest that to build strong vendor-business partnerships businesses must have a reliable vendor evaluation process in place to gauge the potential of vendor

LONDON--(BUSINESS WIRE)--Quantzig, a leader in delivering scalable analytics solutions and data science services, today announced the completion of its recent article that offers comprehensive insights into the factors that can help you build a robust vendor evaluation framework.

“Businesses must keep abreast of the current market trends and monitor the vendor landscape periodically to find new vendors that better comply with guidelines and meet specific requirements,” says an analytics expert at Quantzig.

Partnering with us can help you boost effectiveness and profits by building robust, automated vendor performance evaluation systems. Request a FREE proposal to get started.

Key highlights-

• Several pandemic-induced disruptions have necessitated the creation of a vendor performance evaluation framework can help compare the capabilities of different vendors to determine the best fit

• Establishing vendor performance evaluation benchmarks and setting thresholds can help you track and evaluate the performance of your vendors on an ongoing basis

• Building strong vendor-business partnerships depends on having a reliable process in place to identify and evaluate potential vendors

Quantzig is at the forefront of enabling business innovation to facilitate better outcomes and business reach. Contact us to learn more about our capabilities.

Leading enterprises today choose to outsource a huge chunk of their core operations to third-party vendors. Since these are significant investments, businesses must evaluate vendors against a well-defined set of vendor evaluation criteria. As such, vendor performance evaluation holds a top spot in the agenda businesses irrespective of the sector in which they operate. Read the complete article for comprehensive insights on the dos and don’ts to consider while establishing a vendor evaluation framework: https://bit.ly/32W4PSW

To make vendor evaluation a cakewalk for our clients, we have developed easy to follow steps to create and establish a vendor evaluation framework.

Steps to build a robust vendor evaluation framework

1. Maintain a healthy vendor roster
2. Analyze offerings based on the needs
3. Evaluate the vendor’s risk profile
4. Communicate with your in-house teams
5. Set vendor evaluation benchmarks
6. Establish an active feedback loop

We offer transformative solutions to helps our clients tackle their unique challenges and stay ahead of the curve. Book a FREE Demo to learn more about our proprietary analytics platforms and data analytics capabilities.

Additional Resources:

1. Propensity Score Matching in Clinical Research: Advantages, Limitations, and Applications

2. Why End To End Supply Chain Visibility is Still a Major Concern for Retailers

3. Strategic Sourcing and Procurement: Empowering Sustainability in a Circular Economy

About Quantzig

Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal