3rd Party Toolbox – Vendor Performance Management
Vendor Performance Management (VPM)
PERFORMANCE: After the sales pitch, the promises, the handshakes and after contracts have been signed, it’s time for your vendor to execute and perform! It’s a documented fact that vendors perform better when they know they are being measured so isn’t it time to start capturing the facts, stop guessing and start assessing?
Vendor Performance Management (VPM) is the measurement, assessment, and management of the quantitative (SLA’s) and qualitative (KPI’s) execution of the vendor’s contractual commitments. It’s an essential component of every vendor management program and provides the following advantages:
3rd Party Toolbox (3PT) provides detailed insight into SLA’s and KPI’s throughout the life of the relationship, providing a fact-based foundation for improved decision-making, risk mitigation and performance improvement. Combined with the 3PT Vendor Value assessment, it provides powerful insight into overall performance and value across vendors and within categories. View, compare and report on performance:
- Across the entire vendor inventory
- Within vendor categories
- Per vendor
- Per contract
- Past 12 months, Year To Date, Quarterly, Current Date
3rd Party Toolbox (3PT) Category and Service Management empowers you to compare vendors within similar categories to understand which are performing best. In addition, 3PT enables you to drill down to similar services within a category for a true apples-to-apples comparison of vendor performance.