Brooklyn Vendor Assurance hosts automated and extremely sufficient vendor scoring, allowing your vendor manager to transparently compare, take action upon and gain value from the vendor tail. I look into what makes BVA scoring mechanisms so unique, and a great mechanism for drilling down into the vendors of most strategic importance to the business.
In order to ensure you are getting the most out of your vendors, and transparently recognise the opportunity of value, procurement will need a balanced and robust scorecard. The automation of such representation of the vendor will overall help every vendor manager to work out the best approach to take in strengthening the management of relationships, and overall improving the efforts of the vendor towards the business. Accelerate the business and their strategic objectives with specific vendors by applying certain metrics and analytics to every aspect of the vendor and their contractual agreements. So, in regards to having a balanced vendor management scorecard, what does Brooklyn Vendor Assurance do to ensure you are effectively building from current state vendor performance, value-add and contract spend?
- We allow vendor managers to evaluate the scorecard proactively, measuring performance on a regular basis to ensure that relationship ownership is maximised to the fullest. Obtain the highest capacity of performance from every vendor according to their expectancies, by vendor tier.
- We tailor our scorecards to key initiatives of the business, adding a structured approach for each vendor to ensure you are analysing the areas of most importance to the strategic alignment of the business. BVA enable opportunity of value for each vendor by allowing vendor managers to score their vendors against other centrally-based metrics and analytics that stand out from the progress of each vendor post-contract.
- Full supplier performance management capabilities are put in place. This means that the scorecards of each vendor to ensure they relate to the correct tier, which then corresponds to their ability, importance and value-add for the business.
- Enablement of flexibility and consistency for each vendor, ensuring you can give the green light to stronger communication and implementation of actions allocated responsibly across our Vendor Management Framework.
Our balanced vendor management scorecards bring many capabilities to the vendor manager, but what are the functionalities which enable value-add for the procurement office? There are three key characteristics which make sure you are able to get the most out of vendor performance across the supply chain.
Our Vendor Management Scorecards represent a valuable story line on the road to better transparency and action planning across the Vendor Relationship
The Vendor Manager can Score the vendor appropriately based on their criticality and market capabilities.
With BVA’s trusted scorecards, aligned to best practices, the business can focus on the most important aspects needed to assess each of their vendors, and the strategic importance they bring to the vision of procurement. Through our centralised database of all your vendors, which sit under a one-repository platform, you can customise the ratings you give to each of your vendors. This generates an automated score of their importance, in comparison to contract spend, their impact in terms of risk and regulation, and their market presence. These ratings then correspond to the tier they sit under, which highlights their strategic importance to the business against the business’s criteria for vendor’s and their criticality across procurement.
Create a structured approach to categorising your vendor tail, through Automated Vendor Tiering.
With vendor scoring comes their prioritisation and level of importance to the business. Enhance your communication and action planning capabilities by discovering where your vendor sits in the business. Pull together their tier with how they match the criteria of your supply chain, and therefore begin to strategically outline the aspects their tier must enforce accordingly, in alignment to the business’s goals. Use the automated tiering to your advantage by looking into vendor obligations, and relative files against the contract in place, in parallel with the contract spend related to that specific vendor. Overtime, with the support of our Vendor Management Framework, you can then start to realise if you are getting value from your vendor, or if you are overspending against the contract. Our vendor tiering system is there to help to filter down to specific vendor groups, and find out if there is opportunity to further drive down costs, or look elsewhere for vendors of similar tier to get the most out of your supply chain spend.
Bring together your vendor’s score and their allocated tier, to allow BVA to produce automated suggestions for the relationships owner’s advantage; the commencement of long-term value.
Not only can you begin to use your own criteria for each of the vendor tiers, and add it to our tailored vendor management framework, but you can also discover automated suggestions on how you can best use review meetings with the vendor. With our scorecards being consistently aligned to BVA best practices, our automated suggestions can help you understand more about the vendor. Uncover the frequency of reviews you should be holding with the vendor, based on your customisable ratings and the overall score and tier of each vendor, as well as the amount of discussion points you should be holding per meeting with the vendor. This ultimately ensures you are getting the most out of your vendors, and increases overall supply chain agility and the capabilities of your vendor manager in getting maximum value for money across the procurement department.