How do you show your value as a vendor manager?

1 Understand your stakeholders

One of the first steps to show your value as a vendor manager is to understand who your stakeholders are, what they need, and how they measure success. Your stakeholders may include your internal customers, such as business units, project teams, or senior leaders, as well as your external vendors, such as suppliers, contractors, or consultants. You need to communicate effectively with both groups, understand their expectations and challenges, and align your vendor management strategy with their objectives and priorities. By doing so, you can build trust, credibility, and rapport with your stakeholders, and show them how your vendor management activities support their goals and add value to their outcomes.

2 Manage vendor performance

Another key aspect of showing your value as a vendor manager is to manage vendor performance effectively. This means that you need to establish clear and measurable criteria for evaluating vendor performance, such as quality, cost, timeliness, compliance, innovation, or customer satisfaction. You also need to monitor and track vendor performance regularly, using tools such as scorecards, dashboards, or reports, and provide feedback and recognition to your vendors. Additionally, you need to identify and address any issues or risks that may affect vendor performance, such as contract disputes, service disruptions, or performance gaps, and implement corrective actions or improvement plans. By managing vendor performance, you can show your value as a vendor manager by ensuring that your vendors deliver on their promises, meet your standards, and optimize their results.

3 Optimize vendor relationships

A third way to show your value as a vendor manager is to optimize vendor relationships. This means that you need to foster positive and collaborative relationships with your vendors, based on mutual respect, trust, and transparency. You also need to leverage your vendors' expertise, capabilities, and insights, and encourage them to share best practices, ideas, or innovations that can benefit your organization. Furthermore, you need to negotiate and manage contracts and agreements with your vendors, ensuring that they are fair, flexible, and aligned with your interests and needs. By optimizing vendor relationships, you can show your value as a vendor manager by creating win-win situations, enhancing vendor loyalty and satisfaction, and maximizing vendor value and potential.

4 Demonstrate business impact

A fourth way to show your value as a vendor manager is to demonstrate business impact. This means that you need to measure and report on the outcomes and benefits of your vendor management activities, such as cost savings, revenue growth, quality improvement, risk reduction, or customer satisfaction. You also need to link your vendor management results to your organization's strategic goals and objectives, and show how your vendors help you achieve them. Additionally, you need to showcase your vendor management achievements and successes, and share them with your stakeholders, such as senior leaders, peers, or customers. By demonstrating business impact, you can show your value as a vendor manager by proving that your role is not just a transactional function, but a strategic enabler that drives business performance and value.

5 Develop your skills and knowledge

A fifth way to show your value as a vendor manager is to develop your skills and knowledge. This means that you need to keep up with the latest trends, best practices, and innovations in vendor management, and learn from your peers, mentors, or experts. You also need to enhance your core competencies and abilities, such as communication, negotiation, problem-solving, or analytical skills, and seek feedback and coaching to improve them. Moreover, you need to pursue relevant certifications, accreditations, or qualifications that can validate your vendor management expertise and credibility, and increase your marketability and career prospects. By developing your skills and knowledge, you can show your value as a vendor manager by demonstrating that you are a competent, confident, and continuous learner who can adapt to changing needs and expectations, and deliver excellence in vendor management.

6 Promote vendor management awareness

A sixth way to show your value as a vendor manager is to promote vendor management awareness. This means that you need to educate and inform your stakeholders about the importance, benefits, and challenges of vendor management, and how it can support their goals and needs. You also need to advocate and influence your stakeholders to adopt best practices, policies, and standards for vendor management, and to support your vendor management initiatives and decisions. Furthermore, you need to collaborate and network with other vendor managers, both internally and externally, and share your experiences, insights, and lessons learned. By promoting vendor management awareness, you can show your value as a vendor manager by raising the profile, reputation, and recognition of vendor management as a vital and valuable function that can make a difference to your organization and its stakeholders.

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?