Vendor Performance Reviews
Vendor contract reviews turn contract obligations into measurable standards
In any relationship with a third-party vendor, contracting is just the beginning. After initiating the partnership, your primary concern shifts from what promises must be made to how well those promises have been kept. That’s where vendor performance reviews come in.
The line of business closest to the vendor must track key questions such as:
- Have milestones been met?
- Are deliveries fulfilled adequately and on time?
- Has quality matched expectations?
- Have costs been controlled in line with agreements?
- Is compliance clear and consistent?
- Has anything changed to threaten the vendor’s business viability or stability?
Vendor Cloud consolidates vendor performance reviews into a consistent, manageable process that ensures visibility over the lifespan of the vendor relationship. Through Vendor Cloud, you can:
Assign and schedule responsibilities
Every vendor is assigned to the most appropriate line of business; these internal representatives get regularly scheduled performance questionnaires mapped to contract-related domains and risk categories.
Inform contract renewals
Insights gathered from performance reviews become integrated into the vendor’s profile, informing subsequent vendor negotiations with hard evidence for determining whether the contract should be:
- Supplemented with additional terms and conditions
- Renegotiated in terms of fees and timelines
- Discontinued altogether
For more information on Vendor Cloud or to schedule a live demonstration, please contact us.