While the COVID pandemic exposed weaknesses in the global supply chain, unforeseen disruptions continue to play havoc every day. Companies are looking at new strategies to avoid risks in their supply chain. Several of these strategies are:

• Move from “Just in Time” to Reserve Inventory
• Diversify Supplier Base
• Evaluate Supplier Scorecards

Vendor scorecards are essential tools for managing and optimizing supplier relationships. By providing a structured and objective means of evaluating supplier performance, organizations can ensure they work with the best possible partners, ultimately leading to improved supply chain efficiency and effectiveness. By providing objective feedback, scorecards can enhance communication and collaboration with suppliers, fostering better relationships. Scorecards encourage suppliers to continuously improve their performance by highlighting areas that need improvement. Companies can also make informed decisions regarding supplier selection, retention, or termination. Scorecards evaluate the suppliers’ willingness to implement more documents electronically to give companies more information about the status of their orders, order fulfillment, and order delivery. Need help implementing these documents? Innovate Managed Services can become an extension of your IT staff and can help you implement more electronic documents to improve your score, avoid any fines or fees, and give you a competitive advantage.

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