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How can you identify vendors for contract management diversification?

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Contract management diversification is the practice of using multiple vendors to reduce the risks and costs of relying on a single or few suppliers. Diversifying your vendor portfolio can help you improve your performance, quality, innovation, and resilience in the face of changing market conditions and customer demands. But how can you identify the best vendors for your contract management needs? Here are some tips to help you find and evaluate potential vendors for your diversification strategy.

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1 Assess your current situation

Before you start looking for new vendors, you need to understand your current vendor landscape and performance. Analyze your existing contracts, vendors, and spend categories to identify your strengths, weaknesses, opportunities, and threats. Consider factors such as vendor reliability, quality, compliance, innovation, pricing, and responsiveness. You also need to determine your goals and criteria for diversifying your vendors. What are the benefits and challenges of diversifying your vendors? What are the gaps and risks in your current vendor portfolio? What are the key capabilities and competencies you need from your vendors?

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Ahmed Awaad , Fellow CEng IntPE(NZ)/APEC

Subject Matter Expert in construction and real estate industries
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Potentially, you need to start by reviewing the lessons learned during tendering, design, construction, and asset management and see what can be enhanced and how it is related to the current vendors. This can trigger which vendors are currently supporting the company's growth and customer-centricity strategy. Open the door for other vendors to present their capabilities and register after justifying themself Exclude vendors proven to have low performance more than one time. Consider prioritising vendors well known for their commitment during the defects liability period based on the lessons learned as these vendors enhance the developer's reputation, support customer-centricity, and enable retaining the current customers.

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2 Research the market

Once you have a clear picture of your current situation and your diversification objectives, you can start researching the market for potential vendors. You can use various sources and methods to find and compare vendors, such as online directories, databases, trade shows, referrals, social media, and industry publications. You can also use tools such as SWOT analysis, Porter's five forces analysis, and PESTLE analysis to evaluate the external factors that affect the vendor market, such as strengths, weaknesses, opportunities, threats, competition, customers, suppliers, regulations, and trends.

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Gorti Jogarao

General Manager -Cost control & Audit at GBH International Contracting LLC
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As required starting with small customers, the fitness, comfort, backup, pre qualification brochure are tools in this regard

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3 Solicit proposals

After you have narrowed down your list of potential vendors, you can invite them to submit proposals for your contract management needs. You can use different types of requests, such as request for information (RFI), request for proposal (RFP), or request for quotation (RFQ), depending on the level of detail and specificity you require. You should provide clear and consistent instructions and requirements to the vendors, such as the scope, deliverables, timeline, budget, and evaluation criteria. You should also communicate with the vendors throughout the process and answer any questions they may have.

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Suparna K.

(CAPM)? - PMI North America, Petroleum Technology, M.Econ,
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3 key factors in identifying the vendors. Know the Scope of work; Identify the resources need to be contracted; Identify the right vendor based on the expertise, availability and their market success; Clear level & details of work in the RFQ;

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4 Evaluate proposals

The next step is to evaluate the proposals you receive from the vendors and select the best ones for your diversification strategy. You should use a standardized and transparent scoring system to rate and rank the proposals based on your predefined criteria. You should also consider qualitative and quantitative factors, such as vendor experience, reputation, references, capabilities, innovation, quality, compliance, pricing, and value. You should also conduct due diligence checks on the vendors to verify their credentials, financial stability, legal status, and ethical standards.

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5 Negotiate contracts

Once you have chosen the vendors you want to work with, you need to negotiate the contracts with them. You should aim to establish a win-win relationship with your vendors, where both parties benefit from the contract and share the risks and rewards. You should also ensure that the contract terms and conditions are clear, fair, and aligned with your goals and expectations. You should also include clauses that address issues such as scope changes, performance indicators, service levels, payment terms, dispute resolution, and termination.

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6 Manage relationships

The final step is to manage the relationships with your diversified vendors and monitor their performance and compliance. You should maintain regular and open communication with your vendors and provide feedback, guidance, and support. You should also measure and evaluate the results and outcomes of your contract management diversification strategy and make adjustments as needed. You should also recognize and reward your vendors for their achievements and contributions and foster a culture of collaboration and innovation.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mohammed Gul Sahibbzada

CEO / President at Kainaat Group of Companies (KGC)
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In addition to all the wonderful pints mentioned in the inputs above, I would also add that the financial stability and soundness of vendors should be deemed as one of the critical considerations a vendor should have before engaging them in contact tract management and execution

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How can you identify vendors for contract management diversification?

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1 Assess your current situation

2 Research the market

3 Solicit proposals

4 Evaluate proposals

5 Negotiate contracts

6 Manage relationships

7 Here’s what else to consider

Contract Management

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