Vendor Management

Efficient Vendor Management

Vendor Management (VM) is crucial to business continuity as it directly affects business performance. An effective VM program that seamlessly supports an organization’s requirement can considerably reduce costs. Experienced VM consultant can help organizations streamline their VM process by introducing standard procedures and improving vendor relationship.

Collaborating for success

External relations for any business are unavoidable today. While these relations must be created to meet business needs, these also introduce risk and compliance issues. You are most likely relying on document centric approaches or using low automation software for assessing vendor performance and monitoring risks and compliance data. Unfortunately, these tools are not effective in mitigating risks and ensuring efficient VM.

As your external consultant, with many years of experience in procurement and VM, I will transform your relationship with your vendors, which will ultimately result in expediting delivery and reducing your procurement lifecycle and inventory expenses.  Whether you need professional help in on-boarding vendors or managing your existing vendors, I can help you.

Vendor Management – My approach

  • Vendor selection

After gaining an understanding of your ongoing and long-term vendor requirement, I will help you establish a standard vendor selection process based on the following broad criteria.

    • Successful delivery of similar projects in the past and experience in similar market
    • Check for certifications
    • Organization’s stability
    • Cultural similarities
    • Collaborative tools (software)
    • Project management standards
    • Post implementation engagement history
  • Contract Negotiation

Please read about my approach to contract negotiation here, to learn how I can help you.

  • Vendor Relationship Management

Just as you have invested in building your relation with all your stakeholders, you must build and maintain a strong relationship with your vendor. Communication is an effective tool in building relation. I will help you in establishing proper communication channels for information exchange between you and your vendors.  The communication channel will also allow both parties to express their problems and grievances so that these are resolved immediately.

  • Vendor audit

For long-term contracts, regular vendor audits are recommended. I can help you identify audit areas and devise an audit plan that can be included as a mandatory process in your Vendor Management program. Regular audits will ensure that all risks and issues are identified and resolved immediately, so that project quality and delivery schedules are not compromised.

  • Vendor performance evaluation

I will establish a performance review process to help you evaluate vendor performance, both during and after project completion, based on predefined (Key Performance Indicators) KPIs.

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