As you swing your SUV out into the highway for a long road trip, it is customary to check your car’s dashboard for critical indicators – fuel, speed, airbag and oil pressure details you will need to control for a smooth journey. The dashboard not only alerts you of things that go wrong during the drive, it also offers early-warning signals such as check engine or fasten seat-belt to draw your attention to potential problems.
Vendor scorecards, much like your car dashboard, provide you with critical information on your suppliers businesses and alert you to problems in your supply chain. They assimilate information from different parts of your retail enterprise and present it to you in a compact and easy-to-understand manner, highlighting where your supply chain is doing things right and where it is falling short. Designed comprehensively and used effectively, vendor scorecards can help retailers measure, monitor and manage supplier performance, foster long term supplier relationships and align supply chains to business goals.