A Treasure Trove of Data: Supplier Surveys

I was just speaking with one of my colleagues about the “supplier surveys” he had recently assisted two clients in conducting (and analyzing).

As background, I’ve raised the topic of surveying your suppliers on a few occasions – but I believe it is time to highlight how valuable this process can be. In fact, it never ceases to amaze me how rich a vein of data you can obtain if you undertake a supplier survey, and do it properly. The data can be enriched through analysis to become valuable insights.

My colleague used a new term to describe the most recent survey projects (done for two sizeable companies). “We were able to provide [the client] with A TREASURE TROVE OF DATA AND INSIGHTS” he told me. In fact, he added, one of the clients is actually altering its strategy based on the learnings.

You won’t achieve such noteworthy results by taking a conventional approach. Often, supplier surveys are superficial (15 to 25 questions) in order to be “low burden” on the survey participant. And, they are sent out broadcast-style to thousands of suppliers – in the hope of getting 5 to 10 percent to respond to the “low burden” set of questions.

We take a different approach. Our survey methodology is geared toward asking key suppliers a sizeable set of carefully-designed and researched questions. It is typically a one-hour (or more) investment on the part of the survey taker. And, we are able to obtain a high participation rate – based on a carefully coordinated set of communications to the survey audience by our client, and ourselves.

If you’ve wondered what you might learn from supplier surveys – and how it could help your company excel – it’s never too late to start.

Click here for more information:

http://www.greybeardadvisors.com/services/supplier_satisfaction_survey/

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