Procurement Terms
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Supplier performance management (SPM) is the process of measuring and analyzing a supplier's performance against predetermined criteria and objectives in order to optimize their contribution to the buyer's business. The goal of SPM is to ensure that suppliers meet the buyer's expectations regarding quality, delivery, cost, and innovation and to identify opportunities for improvement in the supplier's performance.
The SPM process typically involves a structured approach that includes setting performance expectations and goals, measuring supplier performance against these goals, analyzing performance data, providing feedback to the supplier, and taking corrective actions as necessary.
Specialism:
Contract Management
Supplier Management
Related terms: