Business Skills - Vendor Management
In this course, you will learn the skills needed to effectively manage vendors. Through hands-on exercises, you'll develop an integrated understanding of how vendors are chosen, motivated and managed.
During this course you will be introduced to the procurement life cycle and the three pillars of successful vendor management: commitments, relationships, and metrics. Commitments refer to the exchange of obligations in the forms of agreements, contracts, and statements of work. Relationships refer to the management of interactions between buyer and seller, starting from governance protocols to the negotiations of change. Metrics refer to the data that is collected during the execution of a procurement project and used to gauge performance. You will learn how to design metrics that will motivate the desired behavior and maximize value.
Duration: 20-25hrs
Course Content:
Foundations
- Vendor Management Success
- Procurement Life Cycle
- Procurement Life Cycle vs. Vendor Management
- Three Pillars of Vendor Management SuccessCommitments
- Relationships
- Metrics
- Vendor Selection Techniques and Considerations
Commitments
- Exchange of Commitments to Vendor Management Success
- Various Types of Vendor Agreements
- Evaluation of Bid Proposals
- Structure and Purpose of Contracts
- Creating Effective SOWs
- Contract Type in Relationship to Delivery Risk
Relationships
- Managing Vendor Relationships
- Vendor Governance Practices and Procedures
- Changing Controls Systems
- Escalation Pathways
- Negotiating in a Principles Way
- Sharing Success with Vendors
- Alternative Dispute Resolution Techniques
- General Management SkillsCommunications
- Delegation
- Motivation
Metrics
- Vendor Metrics
- Focusing on the Best Metrics not the Easy Ones to Collect
- Application of KPIs
- Role of the Responsibility Assignment Matrix (RASCI)
- Score Cards and Vendor Performance Reporting
- Balanced Score Cards
- Continuous Improvement
Risk
- Various Sources of Vendor Related Risk
- Manage Discrete Vendor Risks
- Apply Risk Minimization Guidelines