Supplier Performance Management

Supplier Performance Management (SPM) refers to the processes and practices companies use to evaluate and improve their suppliers' performance. It involves setting clear expectations, measuring their effectiveness in delivering products or services, and ensuring they meet quality, delivery, and cost standards. By regularly assessing suppliers, businesses can identify areas for improvement, foster better relationships, and enhance overall supply chain efficiency. Ultimately, SPM helps organizations secure reliable partners, reduce risks, and achieve better outcomes in sourcing and supplier management.