Hi Binoy,
with regards to best practices on how to profile and meassure Vendor Master Data within a ECC or MDG landscape I can recommend taking a look at the SAP Master Data Governance Rapid Deployment Solution (RDS): SAP Service Marketplace - SAP Master Data Governance. There is beside a set of predefined Data Quality Rules also a integration of the SAP Information Steward DQ Scorecard into the MDG UI.
The SAP Information Steward RDS SAP Service Marketplace - SAP Information Steward also includes the same set of Data Quality Rules.
Beyond that you might take a look at the SAP Information Steward Accelerator by BackOffice Associates (Data Quality, Integrity & Governance | Information Steward | SAP | SAP) for supporting capabilities.
Best regards,
Niels