Managing supplier performance is critical for performance and competitiveness in the market for any company. This is because companies have increasingly grown to depend on outside suppliers, which has given rise to a transformation in the way businesses understand and perceive as well as the improvement of performance as crucial. This is the trend in the globalized world, and so it is essential for business competitiveness.
There are various factors that have brought about this rapid transformation in the world of suppliers and their performances. First, there is an increase in outsourcing and reliance for products, as well as services from suppliers. Businesses and chains of supply have become globalized. Lastly, management of supplier has grown to be more complex and more risky. Continue reading