What is Supplier Scorecard?
A supplier scorecard is a tool that is used to evaluate and monitor the performance of a company's suppliers. The scorecard typically includes a set of metrics that are used to measure the supplier's performance against predetermined standards or targets. These metrics may include measures of quality, cost, delivery, innovation, and other factors that are important to the company.
The supplier scorecard is used to identify areas where the supplier is meeting or exceeding the company's expectations, as well as areas where there is room for improvement. The scorecard may be used to communicate the supplier's performance to other stakeholders within the company, and to identify opportunities for collaboration or improvement.
Supplier scorecards are often used in conjunction with other supplier management practices, such as supplier performance evaluations and supplier development programs. By regularly reviewing and tracking the performance of its suppliers, a company can improve the quality and efficiency of its supply chain and drive overall business performance.