Effective VENDOR MANAGEMENT - 5 Best Practices - PowerPoint PPT Presentation

About This Presentation
Title:

Effective VENDOR MANAGEMENT - 5 Best Practices

Description:

An ideal Vendor Management structure should cover the whole vendor selection process, needs and requirements. Top-priority functions and clear responsibilities to the team shall be distributed along with the defined KPIs for performance management. – PowerPoint PPT presentation

Number of Views:61

less

Transcript and Presenter's Notes

Title: Effective VENDOR MANAGEMENT - 5 Best Practices


1
Effective VENDOR MANAGEMENT - 5 Best Practices
2
Redefine Vendor Management Structure
An ideal Vendor Management structure should cover
the whole vendor selection process, needs and
requirements. Top-priority functions and clear
responsibilities to the team shall be distributed
along with the defined KPIs for performance
management.
3
Align VM Framework To Business Objectives
A vendor comes in to support your company goals
and objectives but you need to have an efficient
model that supports the same. Remember, a wrong
partnership can ruin those goals. From creating
an internal VM team depending on the number of
outsourced vendors to having clear insights on
every single vendor you contracted with.
4
Supplier's Segmentation
Organized data plays the most crucial part in any
business function. List all your current vendors
and classify them based on the services they
provide and their value in your organization
with a clear grading system. This data will help
you invest more on the strategic vendors whose
role has the highest impact on the
organization's goals and objectives, and take
ample care of the tactical vendors as well.
5
Regular Vendor Performance Analysis
Based on the impact of a vendor on the
organization's goals, their performance has to
be consistently measured. Regular Performance
review meetings would help to discuss the
progress of the partnership and the issues the
team, as well as the partner, might be going
through.
6
Invest In Technology For Mindful Decision Making
Technology in 2022 has to do a lot with your
business process and operations. The more
information you have about your vendors the more
strategic partnerships can be made with
transparency from both ends. There are many
Vendor Management Software that can help enhance
your team efforts seamlessly with effective
resource management and help with cost
containment.
Write a Comment
User Comments (0)
About PowerShow.com