DOI: 10.36347/sjet.2024.v12i07.002

Pages: 220-223

The gig economy's reliance on professional service suppliers, while offering flexibility and expertise, presents significant challenges for companies across diverse industries: including financial losses, operational disruptions, and reputational damage. Companies need a holistic supplier performance evaluation framework that assesses key factors like quality, efficiency, cost, compliance, and risk for navigating this dynamic landscape. A comprehensive model, utilizing a multi-dimensional matrix and customizable weights can generate a single, actionable supplier performance score that will significantly aid companies in making informed decisions about supplier engagements. This paper proposes the Supplier Performance Index (SPI) model, a comprehensive framework that empowers companies to make informed decisions about supplier engagements, leading to significant cost savings and improved operational efficiency.