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Effective VENDOR MANAGEMENT - 5 Best Practices

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

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Effective VENDOR MANAGEMENT - 5 Best Practices

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  1. Effective VENDORMANAGEMENT - 5 Best Practices

  2. Redefine Vendor ManagementStructure 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 performancemanagement.

  3. Align VM Framework To BusinessObjectives 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 contractedwith.

  4. Supplier'sSegmentation 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 andtheirvalueinyourorganizationwithacleargradingsystem.Thisdatawill help you invest more on the strategic vendors whose role has the highest impactontheorganization'sgoalsandobjectives,andtakeamplecareofthe tactical vendors as well.

  5. Regular Vendor PerformanceAnalysis 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 goingthrough.

  6. Invest In Technology For MindfulDecision Making Technology in 2022 has todo 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.

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