Vendor Management Essentials

More than 90 per cent of companies buy from vendors and some have a lot of vendors! Dealing with many different vendors requires a systematic way to manage them. And, how well a vendor does their job also affects the performance of your business.

In order to ensure maximum value to your business it is important to understand the benefits and challenges of vendor management so that you can define an effective vendor management process.

This one-day course will outline a vendor management process, including a vendor policy document, developing key performance indicators, assessing potential vendor risk, describing components of a vendor contract, and monitoring the performance and relationship of vendors using questionnaires, forms and auditing.

This one-day workshop will help you teach participants how to: 

• Define what a vendor is and what vendor management entails
• Discuss the benefits and challenges of vendor management
• Differentiate between different types of vendors and outline the effects on potential relationships
• Outline the types of information that needs to be in a vendor management policy
• Set SMART business goals and vendor KPIs
• Define and illustrate a vendor life cycle
• Understand the components of a risk management framework
• Explain various software options for vendor risk management assessment
• Assess and select vendors using questionnaires and checklists
• Scale vendor assessments based on the vendors’ risk level
• Utilize a significance of risk rating to determine a potential vendor
• List the components of a vendor contract
• Monitor the performance and relationship of vendors using questionnaires, forms and auditing.