Evaluating the performance of your contractors can be a subjective and inaccurate process without having the right tools in place. For example, over the last year, can you accurately answer these questions about your contractors – How responsive have they been to service requests? What has been the quality of their work? Are all their credentials up-to-date? Have they completed their required safety training?
With its continuous scoring system, Raiven can help you objectively evaluate whether contractors are doing quality work, as it assigns a performance score to each contractor and thereby enables your business to reward high performers.
By digitally collecting more data points from your contractor's work, you can more objectively manage and motivate your contractor network. More data will generate key performance indicators (KPIs), namely productivity, service levels, audit-ability, service performance, reliability and price transparency.
Meeting the challenges of contractor evaluation
Contractors are the backbone of so many businesses in this digital age. Their performance affects your company's reputation, ability to retain customers and profitability. To remain competitive, it's important to employ top-performing contractors. Doing so requires an evaluation system that is objective, accurate and efficient.
During the pre-automation days, collecting KPI data across a large contractor network was a herculean task. Companies had to rely on incomplete and inaccurate contractor evaluations that made contractor assignments a shot in the dark.
Those days are over. Now, automated systems can track contractor performance while scoring and ranking contractors based on real-time data. In fact, automated systems can assign the best contractor for each individual job according to their unique skills, attributes and performance scores.
Software solutions deliver effective evaluations
Data aggregation and classification through artificial intelligence (AI) powers Raiven's contractor evaluation, scoring and ranking system. For example, imagine a commercial real estate owner that manages hundreds of contractors across the country. These contractors are responsible for servicing and maintaining the HVAC, electrical and plumbing equipment in these buildings. Picture trying to track each contractor's performance manually. Not surprisingly, prior to automation, evaluations of this type were subjective, infrequent or non-existent.
Raiven's automated contactor evaluation system tracks contractor performance according to responsiveness, quality of service, customer feedback, and many other attributes. Its software integrates these KPIs to calculate a Raiven Contribution Index™ or QCI score between 1 and 1,000. This scoring system passed a rigid validation test conducted by the quantitative analyst group at Mercer, the world's largest human capital consulting firm.
A QCI score takes the guesswork out of contractor evaluations. It also allows you to understand the ratings categories where a contractor excels or struggles and assign work objectively.
The ability to identify top overall performers creates a workforce meritocracy where top performers are rewarded with more work and poor performing contractors receive less work. To encourage success, poor performing contractors are notified why their scores are declining so they can improve them.
Raiven's key performance indicators
Raiven's algorithm computes contractor scores using six key performance indicators, which provides a rounded evaluation of each contractor. As contractors go through their workflow, Raiven's software captures data on their performance and immediately updates their QCI score. When contractors perform better than their peers, they receive positive points, when they perform worse than their peers, they receive negative points. Thereby creating a workforce meritocracy.
The six key performance indicators that drive the QCI score include:
- Compliance. Raiven automates the process of verifying contractor credentials, such as insurance, licenses, certifications and more. It also monitors and measures continued compliance and sends alerts to the contractor and the employing company when it's time to renew credentials.
- Responsiveness. Raiven automatically tracks contractor responsiveness to service requests, bid requests and more. This KPI rating motivates contractors to be as responsive as possible, a key to success in today's fast-paced business environment.
- Quality & Professionalism. Raiven carefully tracks the quality of service, making the assignment of more work to high-quality contractors automatic. This KPI can also include Quality Assurance audit results, which further enhances the QCI score.
- Safety history. When contractors know they are judged by their safety record, they take all necessary precautions. When contractors neglect safety, they expose the employing company to complaints and liability.
- Customer feedback. Raiven uses customer feedback and net promoter scores to evaluate contractors but since these are subjective measures, Mercer has recommended that this be less than 15% of the total weighting.
- Skills. Raiven's platform collects data on contractors' skills and chooses the best contractor for the job based on his or her skill set.
Efficiency and accuracy at the heart of the solution
Automation has made contractor evaluation not just more efficient, but also more accurate. Raiven's QCI score drills down on the six KPIs and provides an objective evaluation of each contractor. Objective scoring will promote a meritocracy in which top-performing contractors earn the most rewards, increasing motivation and performance.
Contact Raiven and learn how you can achieve greater results from your contractor network.