You might be in any business but your company's overall performance in the market place is strengthened by strong relationship with your vendors. Companies spend lot of time and money in nurturing vendor's who are not directly impacting the bottom line of the organization. As we challenge our expertise in all fields by setting and raising standards, it is also same in case of Vendor Relationship Management. Great companies have best practices which are set of standard which they follow to achieve or exceed. Vendor relationship management also have standard practices which is followed for a great relationship. Ignoring these best practices for managing vendor may result in dysfunctional relationship and hence negatively impacting company's business.
So what is the best practice for vendor management?
What are the important steps for defining best practice?
My experience ( and i am sure most of yours too!) tells me that whatever is the standards or best practices followed, a healthy relationship with vendor yields a reduced cost, quality delivery/products, and high customer satisfaction only if we follow/control/watch some of the key milestones/points
Although selecting a vendor and defining the contract may be very critical, but we can discard the importance of managing relationship with vendor. Information Technology which is used as a "Tool" for business opportunities, can be used to deliver a needs of process for a successful and healthy Vendor Relationships. Companies can deliver results going beyond the expectations if they have process frameworks and management tools. If you have process framework ( I call it Information Technology Process Framework -ITPF) and strong Management tool (Vendor Management Solution - VMO), the delivery of high expectations of company and challenges of managing a vendor become a cakewalk.
Asheesh Vashisht
Prinicipal Consultant
http://www.systems-plus.com/
So what is the best practice for vendor management?
What are the important steps for defining best practice?
My experience ( and i am sure most of yours too!) tells me that whatever is the standards or best practices followed, a healthy relationship with vendor yields a reduced cost, quality delivery/products, and high customer satisfaction only if we follow/control/watch some of the key milestones/points
- Remain Flexible
- Monitor Performance
- Communicate Constantly
Although selecting a vendor and defining the contract may be very critical, but we can discard the importance of managing relationship with vendor. Information Technology which is used as a "Tool" for business opportunities, can be used to deliver a needs of process for a successful and healthy Vendor Relationships. Companies can deliver results going beyond the expectations if they have process frameworks and management tools. If you have process framework ( I call it Information Technology Process Framework -ITPF) and strong Management tool (Vendor Management Solution - VMO), the delivery of high expectations of company and challenges of managing a vendor become a cakewalk.
Asheesh Vashisht
Prinicipal Consultant
http://www.systems-plus.com/
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