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BlogInterviewing GuideGovernance, Risk, and Compliance

How do you monitor and assess a vendor's performance?

chevron-rightEstablish measurable performance metricshashtag

Take the time to establish performance metrics for your vendor that are specific, measurable, achievable, realistic and time-based (SMART). Consider factors such as quality, cost, customer service, reliability and delivery times.

chevron-rightTrack performance over timehashtag

Monitor vendor performance over time, and use statistical process control (SPC) to identify trends and outliers.

chevron-rightConduct periodic surveyshashtag

Regularly survey your customers, vendors and other stakeholders to assess their satisfaction with the vendor's performance.

chevron-rightAnalyze performance reportshashtag

Analyze performance reports provided by the vendor to identify areas of improvement.

chevron-rightFacilitate open dialoguehashtag

Regularly meet with the vendor to review performance reports and hold discussions on how to improve.

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