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How do you balance vendor management with your other responsibilities?

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Vendor management is a key skill for any business that relies on external suppliers, contractors, or consultants for its products, services, or operations. However, managing vendors effectively can also be a challenging and time-consuming task, especially when you have other responsibilities to juggle. How do you balance vendor management with your other priorities, without compromising quality, cost, or performance? Here are some tips to help you achieve this balance.

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1 Plan and prioritize

The first step to balancing vendor management with your other responsibilities is to plan and prioritize your tasks and goals. Identify what are the most important and urgent outcomes you need to achieve, and which vendors are critical for delivering them. Then, allocate your time and resources accordingly, and communicate your expectations and deadlines clearly to your vendors. You can also use tools such as calendars, project management software, or spreadsheets to track your progress and monitor your vendors' performance.

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Colleen Mahoney

Technology Sourcing Advisor, Vendor Management, C Suite Engagement, Contract Negotiation, Consulting, Professional Services, Software Licensing, SAAS
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I recommend working with your leadership team to have Vendor Management as a measurable goal on your annual review - agree upfront what is important to measure, who needs to be involved and what success looks like - report at least quarterly to leadership and others as to how things are going. I also recommend reviewing the underlying agreement to see what if anything has been called out. If not then you will need to get with the vendor to discuss how this will work. In my experience vendor management occurs at multiple levels and involves multiple groups both internally and externally.

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Md Emtiaj Mahmud

MBA, IBA (DU) | B.Sc. IPE, BUET | Executive- SCM (CTSD), ACME | Business & Technology Enthusiast
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◆ Factors that influence vendor ratings like price, quality of goods delivered, credibility, delivery time, and other mixed variables. ◆It should be crucial to accentuate prime suppliers and bottlenecks. Developing alternate suppliers and backward integration can be a way out of it. ◆Integration of suppliers and getting feedback in the planning stage may ease the process a lot. ◆ Understanding their perspective; and maintaining necessary support can help ensure a smooth resilient supply chain. ◆Rewarding the best vendors may result in more fruitful while moving away from low-performing vendors should be a priority. ◆ Missing major commitment and compliance, vendors should be flagged even blacklisted for the betterment of the company.

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2 Delegate and collaborate

The second step to balancing vendor management with your other responsibilities is to delegate and collaborate with your team and stakeholders. You don't have to do everything yourself, nor should you micromanage your vendors. Instead, you can assign some tasks or decisions to your colleagues or subordinates, and empower them to handle vendor issues or queries. You can also collaborate with other departments or functions that interact with your vendors, and share information, feedback, or best practices. This way, you can leverage the expertise and skills of others, and reduce your workload and stress.

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Colleen Mahoney

Technology Sourcing Advisor, Vendor Management, C Suite Engagement, Contract Negotiation, Consulting, Professional Services, Software Licensing, SAAS
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As I noted above I would suggest meeting with the internal folks to validate who is doing what. If there is technology involved int the solution such as a SaaS, the functional team as well as the technical team will each have input and concerns regarding how a vendor is being managed. I also suggest that if anyone is involved in the ongoing management of a vendor have some performance metrics associated with that activity to help ensure time and attention is paid to it

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3 Review and improve

The third step to balancing vendor management with your other responsibilities is to review and improve your vendor management processes and practices. You should regularly evaluate your vendors' performance, quality, and compliance, and provide them with constructive feedback and recognition. You should also solicit feedback from your vendors on how you can improve your relationship and collaboration with them. Moreover, you should look for opportunities to streamline, automate, or outsource some of your vendor management tasks, such as invoicing, reporting, or auditing. This way, you can optimize your efficiency and effectiveness, and save time and money.

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Colleen Mahoney

Technology Sourcing Advisor, Vendor Management, C Suite Engagement, Contract Negotiation, Consulting, Professional Services, Software Licensing, SAAS
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Coupel of suggestions Ensure you have the right point of contact at the vendor and even that they care to improve (for example if your POC is a helpdesk or link to a site then the vendor may not be interested in getting individual company feedback. Ask the vendor POC what their measurements around customer service is and if they are compensated on improvements. Ask vendor POC to whom do they report and how often do they report the performance on your account. If the vendor doesn't give good answers then you may need to dive deeper into why, open the contract up for renegotiation on SLAs and performance management or work with the teams to determine if this vendor is cutting it and if no can you go elsewhere.

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4 Learn and adapt

The fourth step to balancing vendor management with your other responsibilities is to learn and adapt to changing needs and circumstances. You should keep yourself updated on the latest trends, technologies, and best practices in vendor management, and seek to enhance your skills and knowledge. You should also monitor the external environment, such as market conditions, customer demands, or regulatory changes, and adjust your vendor management strategies and tactics accordingly. Furthermore, you should be flexible and agile in responding to unexpected challenges or opportunities, and be willing to try new solutions or approaches. This way, you can stay ahead of the curve and maintain your competitive edge.

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Colleen Mahoney

Technology Sourcing Advisor, Vendor Management, C Suite Engagement, Contract Negotiation, Consulting, Professional Services, Software Licensing, SAAS
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Suggestion - ask your vendor what they are seeing other clients do to improve their relationships. If the vendor has someone who is excelling at this ask to speak directly with them to see what you can learn.

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5 Balance and integrate

The fifth step to balancing vendor management with your other responsibilities is to balance and integrate your work and life. You should avoid overcommitting or overextending yourself, and set realistic and achievable goals and deadlines. You should also manage your stress levels and well-being, and take breaks, exercise, or meditate regularly. Additionally, you should integrate your vendor management activities with your other work or personal interests, and seek to create value and meaning for yourself and others. For example, you can network with your vendors, learn from their experiences, or support their social or environmental causes. This way, you can enjoy your work and life, and avoid burnout or boredom.

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6 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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How do you balance vendor management with your other responsibilities?

1

2

3

4

5

6

1 Plan and prioritize

2 Delegate and collaborate

3 Review and improve

4 Learn and adapt

5 Balance and integrate

6 Here’s what else to consider

Vendor Management

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How do you balance vendor management with your other responsibilities?

1

2

3

4

5

6

1 Plan and prioritize

2 Delegate and collaborate

3 Review and improve

4 Learn and adapt

5 Balance and integrate

6 Here’s what else to consider

Vendor Management

给文章评分

感谢您的反馈

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