What is Strategic Vendor Management?

A vendor management framework consists of:

1       1)  Vendor management strategy

2       2)  Vendor management policy

3       3)  Governance

4     4)  Process and controls

5  5) Roles and responsibilities

6.   6)  Performance reporting

7.   7) Enabling Technology

Each element of the framework is dependent on other elements. Every organization has a unique vendor management system. This system is tailored to meet the specific needs and to achieve the desired results. Basically, the following steps need to be followed to identify, validate and operationalize these requirements.

Develop the strategic vision: This vision will define the desired organization, capability and scopeof vendor management activities. ALL stakeholders must participate here.

Design & Documentation: The design of each of the elements of the framework is based on the specific requirements defined in the strategic vision.

Validation & Implementation: Each of the stakeholders must confirm that his requirement is fully covered.

Reporting and continuous improvement: Executing this framework may require changes in governance processes, roles and responsibilities.

Based on this framework, the organization will have greater control of relationships with vendors.

With this knowledge, the organization can apply appropriate levels of resources to each vendor and involve strategic vendors in long term planning.

Managing and guiding product and services of vendors in an organizated way to drive vendor behavior in order to optimise busiess outcomes

A vendor management framework consists of:

1       1)  Vendor management strategy

2       2)  Vendor management policy

3       3)  Governance

4     4)  Process and controls

5  5) Roles and responsibilities

6.   6)  Performance reporting

7.   7) Enabling Technology

Each element of the framework is dependent on other elements. Every organization has a unique vendor management system

Cost Saving , altarnate material , best service,