The Vendor KB is designed to solve business challenges related to Knowledge Management. Ensure your Vendor KB Solution delivers the results you need by measuring its success using key performance indicators (KPIs). These outcomes should focus on addressing the Knowledge Management needs that are common across your organization.
Measuring against KPIs specific to the Vendor KB allow you to determine:
- What information and updates are being utilized to assess a vendor and streamline the purchasing process?
- What criteria are most important to know per vendor and what key pieces of information are accessed on a regular basis?
- What documents does your organization use to submit a new vendor or process an order and what information is needed to make this process simpler to achieve?
- What vendors have already been approved and what is the most important content that the organization needs to know about them?
- Who are the key SMEs on the Procurement team and what can they offer to the organization?
Key goals and objectives
Some key goals and objectives to keep in mind when determining KPIs for your Vendor KB include:
- Increase awareness of approved Vendor list and details per Vendor
- Improve efficiency in requesting purchase orders
- Increase ease of submitting a Vendor request
- Centralize knowledge of Vendor process and guidelines
You should incorporate the Vendor KB Solution into your existing internal business processes. Think about what processes, policies or procedures might have to change or be updated.
- Do SOPs need to be updated? (e.g. are certain documents or topics held in a Vendor KB instead of elsewhere?)
- Are there processes that need to change? (e.g. how to leverage the Vendor KB for communications or the selection process)
Some key areas to pay close attention to when measuring the success of your Vendor KB include:
- Folder channel for Vendor Assessment forms
- Blog channel for Vendor updates
- Calendar for Vendor renewal dates
- Discussion forums for various Vendor request forums
Below are some recommended KPIs for measuring the success of your Vendor KB Solution. Keep in mind that some of these recommended KPIs will align with your organization's goals and objectives, while others may not. It's critical to align KPIs with your unique goals and objectives to accurately measure success.
- X% increase in the number of discussion forum items posted to the request channels
- X% increase in the number of views of discussion forum items posted to the request channels
- 100% of all Vendor assessments are included in the wiki folder
- X% decrease in requests for Procurement guideline information
- X% increase in the number of documents posted in the Vendor KB folder channels
- X% increase in the number of views of the Vendor KB calendar for renewals
Note: KPIs are generally time-based and should be evaluated and/or modified on a specific cadence (e.g. quarterly).