So, I Know A Guy…
Some of your business partners have probably been amazing. Some might be so bad you wonder how they stay in business. In either case, you might be inclined to keep your opinion to yourself, because a good business partner can go bad for someone else – damaging your credibility – or a bad partner can decide you’re easier to sue than placate.
Liability means businesses often don’t talk about other businesses in anything other than glowing terms. We have credit ratings and the Better Business Bureau, but there’s no equivalent to Yelp for corporate America. That means a lot of really valuable information about companies disappears into the ether for fear of repercussions.
SupplierGATEWAY is developing tools to help companies rate other companies. But even there, we are looking at ways to better address questions about accountability. We are doing so in an open and transparent system, so that users can establish enough trust with it and with their business partners, to tell people what they really think about them.
Insights
- Every industry has a list of things they check with regard to vetting possible vendors
- Ideally the solution should provide the flexibility to adjust criteria for evaluating.
- Evaluating Risk – Availability of quick metrics for evaluating risk. e.g., ratio of projected spend amounts to supplier’s annual revenue.