Just ask your stakeholders.
If most of your stakeholders provide positive feedback, then you’re working with the right suppliers. Conversely, if stakeholder feedback varies or is predominantly unfavorable, then your supply chain is being undermined by supplier performance gaps.
When it comes to supplier performance gaps, the goal is to have visibility. To always be in the know when supplier performance falls short of stakeholder expectations. Stakeholder feedback is your canary in the coal mine. As such, an SRM process that does not integrate stakeholder feedback will fail to achieve maximize supplier productivity.
So, the best way to ensure you’re working with the right suppliers is to maintain a pulse on how stakeholders feel about the suppliers they rely on.
Watch out for the quicksand. These are stakeholder feedback processes that undermine the SRM team’s awareness:
- No Feedback Process, therefore, No Awareness
- Face-to-Face Feedback Process, therefore, Biased Awareness
- Annual Feedback Process, therefore, Point-in-Time Awareness
- Time-consuming Feedback Process, therefore, Delayed Awareness
Quicksand limits the SRM team’s ability to champion supplier productivity. Awareness makes it easier to pinpoint where risks exists – with front-line, mid-level, and/or senior level stakeholders; and why. By monitoring stakeholder views of supplier performance, you’ll not only mitigate waste, but keep your supply chain operating as it is intended to.