A Consideration of How a Yelp Evaluation Might Affect Your Supplier
In the world of procurement, making informed decisions about suppliers has long been a challenge. That's where Kodiak Rating comes in, offering a solution that empowers businesses to make data-driven decisions about their supplier base.
Kodiak Rating was founded with a simple question: why should a strategic manager have better insights into their morning run than their sourcing project at work? The team at Kodiak believed that by making data-gathering simple, easy, and fun, they could give procurement teams advanced ratings and analytics to rely on.
At the heart of Kodiak Rating's solution is the supplier rating profile. These profiles are built around key areas such as risk, resilience, compliance, and performance, with sub-parameters for each. By defining these parameters up front, Kodiak helps businesses establish important questions such as what constitutes good supplier behavior, the accepted code of conduct, and priorities.
Traditional supplier evaluation methods are often analog and require heavy manual work. In contrast, Kodiak Rating's intelligence is visualized and tied to defined supplier KPIs, providing a balanced feed of data input from suppliers, stakeholders, third-party data sources, and empirical output data.
Many organizations currently rely on improvised systems like Microsoft Office or Microsoft Azure for workflow assignment and supplier relationship management (SRM). However, these solutions can lead to siloed team input, stagnant data sources, and poor visibility, making it difficult to make data-driven decisions. Kodiak Rating, on the other hand, provides a robust rating methodology aimed at offering customers deepened insights into their supplier base for better procurement decisions.
With Kodiak Rating, businesses can understand risks and opportunities in their supply chain, allowing them to allocate spend effectively and identify suppliers to exclude from their operations. Purchasing decisions require 360-degree insights, and Kodiak Rating provides these insights, offering both high-level and granular analysis.
Choosing a reliable supplier is crucial for maintaining product quality and customer satisfaction, especially in industries like food and beverage. For example, selecting a reliable supplier for bulk coffee and hot chocolate is essential to maintain product quality and customer satisfaction. With a supplier rating system like Kodiak Rating, businesses can easily evaluate suppliers, much like how people use mobile searches on review sites to decide where to eat out.
Kodiak Rating's supplier rating profiles are not limited to small businesses. Manufacturers such as NXP, which provides ISO 26262-compliant processors and interfaces integrated into Kodiak's autonomous truck systems, have profiles on Kodiak Rating. Additionally, Kodiak Sciences (KOD) has received financial analyst ratings from JP Morgan and HC Wainwright & Co., both maintaining "Neutral" ratings.
In conclusion, Kodiak Rating is revolutionizing the way businesses approach supplier management. By providing a Yelp-like profile for suppliers, Kodiak Rating makes it easier for businesses to evaluate and make decisions about their suppliers, ultimately leading to better procurement decisions and improved business outcomes.
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