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How do you customize your vendor management dashboard to suit different types of vendors and contracts?

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Vendor management is a crucial aspect of business operations, as it helps you optimize your relationships with external suppliers, reduce costs, mitigate risks, and improve performance. However, not all vendors and contracts are the same, and you may need to customize your vendor management dashboard to suit different types of vendors and contracts. In this article, we will show you how to do that using some common features and best practices.

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1 Identify vendor categories

The first step to customize your vendor management dashboard is to identify the different categories of vendors that you work with, based on factors such as the nature of the service or product, the contract type and duration, the level of dependency and risk, and the performance expectations. For example, you may have strategic vendors, operational vendors, tactical vendors, and niche vendors, each with different characteristics and requirements. You can use a vendor segmentation matrix or a vendor scorecard to help you classify your vendors into categories.

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2 Define key metrics and KPIs

The next step is to define the key metrics and KPIs that you want to track and measure for each vendor category, based on your business goals and objectives, as well as the vendor's obligations and deliverables. For example, you may want to monitor metrics such as quality, cost, delivery, innovation, compliance, and customer satisfaction, and set specific targets and thresholds for each vendor category. You can use a vendor performance management framework or a vendor SLA template to help you define your metrics and KPIs.

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Jenelle Evanoff
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To measure vendor satisfaction, I have found the following questions, posed to internal key stakeholders most helpful. 1. Responsiveness: a. Does the vendor respond in a timely manner? b. Does the vendor resolve issues quickly/effectively? 2. Operational Performance: a. Does the vendor meet performance expectations? b. Does the vendor work w/ you to improve performance? 3. Engagement: a. Is the vendor proactive w/ new ideas & best practices? b. Is the vendor flexible in how they engage? c. Can the vendor be relied on to do things right? d. Would you recommend the vendor to a colleague? 4. Professionalism & Quality: a. Does the vendor consistently act w/ professionalism? b. Does the vendor consistently produce high quality deliverables?

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3 Choose the right dashboard layout and design

The third step is to choose the right dashboard layout and design that will allow you to display and analyze your metrics and KPIs for each vendor category in a clear and concise way. For example, you may want to use different types of charts, graphs, tables, gauges, or indicators, depending on the type of data and the level of detail that you need. You can use a vendor management dashboard template or a dashboard software tool to help you choose and customize your dashboard layout and design.

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4 Add filters and drill-downs

The fourth step is to add filters and drill-downs to your vendor management dashboard, so that you can easily sort, segment, and compare your data for different types of vendors and contracts. For example, you may want to filter your data by vendor category, contract type, contract status, contract value, contract duration, or contract renewal date. You can also add drill-downs to access more granular or specific information about a particular vendor or contract. You can use a filter or drill-down feature or a dashboard software tool to help you add filters and drill-downs to your dashboard.

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5 Set alerts and notifications

The fifth step is to set alerts and notifications to your vendor management dashboard, so that you can stay on top of any issues, risks, or opportunities that may arise with your vendors and contracts. For example, you may want to set alerts for any deviations, breaches, or changes in your metrics and KPIs, or any milestones, deadlines, or events related to your contracts. You can also set notifications to remind you of any actions, tasks, or decisions that you need to take regarding your vendors and contracts. You can use an alert or notification feature or a dashboard software tool to help you set alerts and notifications to your dashboard.

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Rachel B.

Tech Leader | Transforming Challenges into Deliverable Solutions | Building Lasting Partnerships
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One thing I've found to be helpful is to be very picky with the types of alerts you set up. Many times the tendency is to set up many alerts covering each and every positive and negative event that may occur. This often leads recipients to miss and/or ignore alerts that come through due to the overwhelming number. It's a bit of an art form and takes some adjusting to ensure the setup is correct. Ideally you want the right events to trigger the right alerts at the right time to the right people.

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6 Review and update your dashboard regularly

The sixth and final step is to review and update your vendor management dashboard regularly, so that you can keep track of your vendor performance, contract compliance, and vendor relationship health. For example, you may want to review your dashboard monthly, quarterly, or annually, depending on the frequency and complexity of your vendor interactions and transactions. You can also update your dashboard as needed, based on any changes in your business environment, vendor situation, or contract terms. You can use a review or update feature or a dashboard software tool to help you review and update your dashboard regularly.

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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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How do you customize your vendor management dashboard to suit different types of vendors and contracts?

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1 Identify vendor categories

2 Define key metrics and KPIs

3 Choose the right dashboard layout and design

4 Add filters and drill-downs

5 Set alerts and notifications

6 Review and update your dashboard regularly

7 Here’s what else to consider

Business Operations

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How do you customize your vendor management dashboard to suit different types of vendors and contracts?

1

2

3

4

5

6

7

1 Identify vendor categories

2 Define key metrics and KPIs

3 Choose the right dashboard layout and design

4 Add filters and drill-downs

5 Set alerts and notifications

6 Review and update your dashboard regularly

7 Here’s what else to consider

Business Operations

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