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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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