The product is designed to dovetail with the company’s other eAuction and eProcurement services.

Simon Brake, CEO, Trade Interchange said, “Understanding and evaluating the performance of suppliers is essential to effective procurement. Costs, levels of service and support, product quality, compliance and delivery capability all come into play. What’s more, as buyers’ demands vary certain selection criteria are often of greater importance than others. All this can make analysing and rating supplier performance quite tricky. Our online supplier scorecard helps to alleviate these challenges. Using the scorecard buyers and decisions makers can evaluate supplier performance as and also set goals and targets for improvement.”

As well as efficiency savings, the scorecard also gives procurement teams the ability to report against key performance indicators and provides them with access to data for historic review and bench marking purposes. Using this information, the teams can identify supplier performance trends, take advantage of new business opportunities and weed out suppliers who are underperforming.

The Trade Interchange scorecard is based on a 360° approach. Suppliers score themselves against key performance indicators which vary depending on the type of business, but might include areas such as product development, technical services, marketing and corporate responsibility for example. The system also recognises the significance of aligning data to specific company goals with the help of a flexible weighting and rating system,”

Brake continued, “From the outset we knew it would be important for the scorecard to be clear and easy to use so that buyers would have instant access to meaningful data and the true impact of supplier activity. By asking suppliers to record and input their own performance data, as well as introducing high level dashboards to monitor, analyse and summarise supplier performance, we are saving buyers significant amounts of time and effort.”