February 15, 2022
Create a Weighted Scoring Model in Our Software
Weighted score capabilities are now available on Requis’ Sourcing platform.
Requis has rolled out a new feature that allows weighted scoring prioritization to compare suppliers and contractors to set up corporate supplier scoring and understand the delta between projects and corporate-level activities.
This new feature helps suppliers and buyers look for objective prioritization techniques to weigh and score the supplier information and tailor it to the buying organization’s practices and risk evaluation.
Weighted scoring capabilities provide a significant risk analysis solution while improving a manual process. It also provides transparency for the entire organization and justifies the selection of a supplier for the scope of work.
Another significance of this new feature is that it reduces vendors’ management at scale and meets corporate social responsibility (CSR) and environmental, social, and governance (ESG) targets.
Weighted scoring aims to increase supplier management capabilities within our supply chain management platform. It helps users to derive a quantitative value for each item on the list and then use those values to prioritize the items. This model can be instrumental in tailoring the buying organizations’ practices and risk evaluation.
These new improvements will allow:
- Weight and score at company-level approval
- Weight and score at project-level approval
- Identify different scores between project and company level
How can supplier compliance teams/procurement teams use the weighted scoring model?
Requis’ recommended weighted scoring prioritization should include these steps:
Step 1: Create an approval group, which is selected individuals nominated by your company to review, verify, and recommend suppliers.
Step 2: Evaluate your competing priorities and then determine the respective weights of each criterion. The weighted criteria can be set at the corporate level for each category and tab based on sub-categories.
Step 3: Assign scores for each supplier across your cost-and-benefit metrics. Companies must weigh and score their suppliers and contractors based on their risk profiles. The functionality is optional; however, your business may want to use it as a part of its business process.
Your company can then view all the suppliers who have applied for pre-qualification in the overview tab, which will automatically populate your weighted score as soon as the review is complete. This automation will help your company save time in evaluations and provide an objective assessment of each application based on the criteria for your company.
Step 4: The platform then tracks who signed off on each area with a timestamp, so multiple users within an organization receive real-time information.
Schedule a software demo today
It is critical to have a robust supplier evaluation plan for internal and external accountability and justification for a continuing relationship. Requis will drive procurement teams to define the next steps toward supplier scoring automation by standardizing supplier scoring.
Request a Requis Supply Chain Platform demo by contacting:
- Esther Chan, senior manager of supply chain management: esther.chan@requis.com
- Loic Coyot, business operations director: loic.coyot@requis.com