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Vendor Management Essentials
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Most companies buy from vendors, and to ensure maximum value to a business, it’s important to know how to manage them. Vendors can also affect the performance of the business buying from them. Having an effective vendor management process is essential in today’s business world.
This one-day Vendor Management Essentials 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.
Session One: Course Overview
Course Overview
Learning Objectives
Pre-Assignment
Pre-Course Assessment
Session Two: Vendor Management
Definitions
Vendor Interaction Phases
What is Vendor Management?
Session Three: Benefits and Challenges of Vendor Management
Befefits of Vendor Management
Challenges of Vendor Management
Session Four: Types of Vendors
Vendor Type
Vendor Relationship Management
Vendor Relationships
Session Five: Vendor Management — First Steps
Vendor Management Policy Document
Business Goal Setting
SMART Goals
Business Goals Related to Vendors
Vendor Management — Key Performance Indicators
Session Six: Vendor Life Cycle Management
Vendor Life Cycle Management
Vendor Life Cycles
Session Seven: Assessment and Selection of Vendors
Vendor Risk Management Framework
Assessment and Selection of Vendors
RFP Case Study
Risk Assessment
Scaling Your Vendor Assessments
What to Do With All This Information
Session Eight: Developing Contracts and Finalizing Vendors
Contract Negotiation
The Contract
Session Nine: Monitoring Performance and Vendor Relationships
Monitoring the Vendor
Vendor Evaluation Audits
Basics of an Audit
Questioning Exercise
Developing an Audit Checklist
Audit Checklist Exercise
Conducting the Audit
Greenfield Lumber Case Study
Audit Role Play
Noncompliance and Corrective Action
Recording Noncompliances Exercise
Taking Corrective Action
Personal Action Plan
Course Summary
Recommended Reading List
Post-Course Assessment
Pre- and Post-Course Assessment Answer Key
Pre-Course Assessment
Post-Course Assessment
Assignment Answer Key
Session Two: Vendor Management
Session Three: Benefits and Challenges of Vendor Management
Session Four: Types of Vendors
Session Five: Vendor Management - First Steps
Session Six: Vendor Life Cycle Management
Session Seven: Assessment and Selection of Vendors
Session Eight: Developing Contracts and Finalizing Negotiations
Session Nine: Monitoring Performance and Vendor Relationships
Vendor Management Policy Sample
THE CHILDREN’S MERCY HOSPITAL
ADMINISTRATIVE POLICY MANUAL
I. Vendor Management System
II. Visitation
III. Badges
IV. Parking
V. Products, Samples and Contracts
VI. Ethics
VII. Business Courtesies
VIII. Kiosk Support
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