How to Build a Vendor Scorecard for Your Business in SyncrofyBy: Pasquale Gatti | April 26, 2019
You already know that Syncrofy’s Dashboards feature is a great way to extract insights from your data by building visuals based on the business question you’re trying to answer. But did you know those insights also apply to specific trading partners as well? With the new cross-filtering and drill-down functionality, it’s even easier to turn your dashboard into a vendor scorecard to obtain business insights on a particular partner and dig deeper into transactions to evaluate their overall performance.
You can build a vendor scorecard two different ways in Syncrofy, the first one is by performance measurement/by vendor (this is where you’ll see each KPI broken down by vendor). The other is by vendor, which will display each KPI for that specific partner only.
One of our customers, a multinational provider of engineering services, needed to view their EDI document count by trading partner and type. They wanted to do this to gain visibility into the specific EDI documents they were using most frequently in transactions with their partners in order to encourage adoption with the partners that weren’t using them. Here’s a breakdown of some of the datasets they were evaluating:
- Total Document Count
- Document Type Count
- Percentage of Total Documents
- Document by Trading Partner
- Total Dollar Amount of Purchase Orders (850) by Trading Partner (Bar Graph, Total Dollar Amount)
- Document Growth (year-over-year)
But the power of Syncrofy doesn’t just stop there. Our customer is able to gain visibility into any one of their EDI documents and obtain the total amount by trading partner. And by utilizing the cross-filtering feature here, they can click into any one of their trading partners and the other widgets will be updated to reflect that particular partner without having to go back and reconfigure the dashboard for that partner.
In fact, their management team relies on Syncrofy dashboards to be able to see their EDI volume and growth across all customers to inform and direct their efforts. The vendor dashboard has also helped them discover problems with existing trading partners they were previously unaware of.
So how do you start building your own vendor scorecard? It’s as easy as 1-2-3. Simply follow the instructions for “Creating a New Dashboard.” You have the freedom to choose the datasets and widgets that will best help you answer the questions you’re attempting to resolve.
When building your scorecard, you may want to focus on any one of several KPIs, including:
- Late Payments
- Number of Exceptions (including rejected documents)
- Total Dollar Amount of Invoices or Purchase Orders
- Total Number of Invoices or Purchase Orders
- Total Number of Purchase Orders without (997, POA, ASN, Invoice)
- Total Number of Shipments
- And many more!
Another way to obtain quick insights into your partners is to create a bar graph displaying your top ten partners with the most exceptions. This enables you to highlight areas of concern relating to specific partners. You may notice that a high percentage of your exceptions are coming for a single partner. In that case, you can dive deeper into that partner to remedy the problem by utilizing the drill-down feature.
Bottom line, it’s never been easier to develop a holistic view of your vendors’ performance in Syncrofy. You can stay on top of your partners, save time, and have visibility into issues in real-time so they don’t turn into massive problems.
To learn more about the power of Syncrofy and what it can do for your business, visit https://www.coenterprise.com/syncrofy.
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