Supplier Management

Definition of Supplier Management as it relates to Business, Supply Chain Management, Supplier Relationship Management

Supplier Evaluation refers to the systematic process of assessing and monitoring the performance, capabilities, and risks associated with suppliers within a supply chain management context. It involves establishing criteria and metrics to evaluate suppliers' quality, reliability, cost, delivery, and sustainability practices. The goal is to ensure that suppliers align with the organization's business objectives, meet its requirements, and contribute to its overall success. Supplier Evaluation is an essential component of Supplier Relationship Management as it enables businesses to build strong, collaborative relationships with high-performing suppliers while mitigating risks associated with underperforming or unreliable ones.

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