Regular Reporting: Request regular performance reports from your vendors. These reports should include key metrics and insights to help you assess their performance.
Audits: Conduct periodic audits to check compliance with legal and security standards. This can involve reviewing documentation, conducting interviews, and performing system checks.
Feedback Loops: Establish feedback loops where you can regularly communicate with your vendors about any issues or areas of improvement. This helps in maintaining a strong working relationship and ensures that any problems are promptly addressed.
Benchmarking: Compare your vendor’s performance against industry benchmarks or other vendors. This will help you understand how well your vendor is performing relative to others in the market.