Final answer:
The standard supplier management tool to track a supplier's performance and financial health is a Supplier Scorecard.
Step-by-step explanation:
The standard supplier management tool used to continuously track a supplier's performance and financial health and ensure that key goals are being met is called a Supplier Scorecard. A Supplier Scorecard is a performance measurement tool that allows companies to evaluate and compare the performance of their suppliers based on a set of predefined metrics or key performance indicators (KPIs).
These metrics may include parameters such as on-time delivery, quality of products or services, cost savings, customer satisfaction, and compliance with regulations. The Supplier Scorecard provides a systematic way to monitor and assess the performance of suppliers and identify any areas of improvement or potential risks.
By using a Supplier Scorecard, companies can make data-driven decisions and take proactive steps to address issues with suppliers, ultimately improving the overall supply chain efficiency and minimizing risks.