In a world where information and influence drive outcomes, the power of customer reviews is significant. Just two years ago, 90% of surveyed consumers agreed that they consult customer reviews before engaging a business. So why should B2B relationships be any different? Supply chain professionals can be empowered to make better, data-driven decisions if they have access to comprehensive supplier performance reviews.
The Benefits of Post-Work Reviews
Avetta already offers an industry-leading solution for pre-qualifying suppliers which includes verification of compliance and certifications. Supplier reviews augment these tools with post-work evaluations to give you insight into how these potential partners work. They may be in compliance and they may be credentialed to perform the work, but reviews can evaluate the quality. Was the work done on time? Was it done safely? How sustainable were the supplier’s processes? Additionally, positive reviews are just as important as negative reviews. How did the supplier exceed expectations? Did they resolve a crisis with minimal disruption? Does the supplier make doing business easy? Answers to these questions and more give you a fuller picture of supply chain partners before you start working with them.
With post-work supplier reviews, not only do you have better visibility on which supply chain partners to engage and which ones to avoid, but you also have a tool for holding them accountable. Negative reviews are damaging to any business, with a single negative review appearing on the first page of Google putting an estimated 22% of business at risk, according to a report by Moz. Similarly, in the Avetta network, a bad review could impact a supplier’s chances of securing repeat business. In short, supplier reviews give you a method for enforcing high standards and incentivizing your suppliers to do a good job.
Supplier Reviews are Impactful
With the rise of review aggregator sites like Yelp! and Glassdoor, businesses have come to realize that protecting their reputation must become a priority. Here are more statistics to consider:
- Online reviews can impact 67% of decisions to do business with a company.
- 74% of people are likely to trust a business more because of positive reviews.
- Yelp! reported in 2016 that each increase in star rating resulted in a 5 to 9% increase in revenue for that business.
With reputation and revenue on the line, supplier reviews ensure better adherence to agreed upon scope, budget, and time frames. And the Avetta platform increases visibility for the entire organization. Each review submitted is instantly available across all departments. Furthermore, supplier reviews are streamlined to focus on specific aspects of performance to ensure that you get the information you need to make the right decision.
to learn more about how Avetta’s Supplier Reviews can help you to make smarter sourcing decisions, and strengthen your supply chain.