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How do you transition from one vendor to another?

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Transitioning from one vendor to another can be a challenging and risky process, especially if you rely on them for critical services or products. However, sometimes you may need to switch vendors due to performance issues, cost savings, strategic alignment, or other reasons. In this article, you will learn how to plan and execute a smooth vendor transition, while minimizing disruption and maintaining quality.

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Ahmed El Zohiry

Head of Regulatory & Business Controls | MBA - Finance | Banking and Asset Management Sr. Executive | Corporate…

1 Assess the current situation

Before you decide to change vendors, you should evaluate the current state of your vendor relationship and performance. You should consider factors such as contract terms, service level agreements, quality standards, communication channels, and feedback mechanisms. You should also identify any gaps, issues, or risks that may affect your business goals or operations. By doing this, you will have a clear picture of what you need and expect from a new vendor, and what you should avoid or improve.

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Ahmed El Zohiry

Head of Regulatory & Business Controls | MBA - Finance | Banking and Asset Management Sr. Executive | Corporate Governance Advisor | Regulatory Operations | DEI Champion and Technology Enthusiast
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Having a proper assessment to your current service provider is key to you being able to articulate what’s important to your business to ensure the change will have a positive impact to your business. You can learn more about the ideal SLA structure, you will also appreciate the impact of not meeting SLAs and risk mitigation to prevent issues from happening. Having a frequent assessment to your key contracts is important regardless to switching service providers but it becomes critical during transition periods.

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2 Define the transition objectives and criteria

Once you have assessed the current situation, you should define the objectives and criteria for the transition. You should establish what you want to achieve by switching vendors, such as reducing costs, improving quality, enhancing innovation, or aligning with your strategy. You should also set the criteria for selecting and evaluating the new vendor, such as experience, reputation, capabilities, compatibility, and price. Additionally, you should determine the timeline, budget, and scope of the transition, and how you will measure its success.

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Ahmed El Zohiry

Head of Regulatory & Business Controls | MBA - Finance | Banking and Asset Management Sr. Executive | Corporate Governance Advisor | Regulatory Operations | DEI Champion and Technology Enthusiast
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Transparency around termination of the contract should be part of any agreement. Outlining the roles and responsibilities of each party, expectations and post termination step will serve to mitigate any potential dispute when transitioning from a service provider to another. Finally ensure your rate card/pricing is covering costs related to the service post contract termination.

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3 Select and onboard the new vendor

The next step is to select and onboard the new vendor, based on your objectives and criteria. You should conduct a thorough due diligence process, which may include reviewing proposals, conducting interviews, checking references, and negotiating contracts. You should also communicate your expectations, requirements, and standards to the new vendor, and provide them with the necessary information, resources, and support to start working with you. You should also assign a dedicated transition manager and team to oversee and coordinate the onboarding process.

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Ahmed El Zohiry

Head of Regulatory & Business Controls | MBA - Finance | Banking and Asset Management Sr. Executive | Corporate Governance Advisor | Regulatory Operations | DEI Champion and Technology Enthusiast
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The selection of the new vendor should happen through the proper third party risk management tool to assess the potential risk of a relationship with such provider. On-boarding a vendor should be done based on the risk rating of such contracts and mitigation plans need to be created to ensure business readiness to deal with TPRM incidents. A dedicated Vendor Relationship Manager can also help extract the maximum value from such partnership ensuring timely resolution to service issues and also proactively deal with performance issues. I would go as far as outlining the termination plan as part of the onboarding process of a new service provider to avoid any surprises at the time of change/renewal.

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4 Manage the handover process

The handover process is the most critical and complex part of the transition, as it involves transferring data, assets, knowledge, and responsibilities from the old vendor to the new one. You should plan and execute the handover process carefully, following a detailed transition plan that outlines the tasks, roles, dependencies, and timelines. You should also ensure that both vendors cooperate and communicate effectively, and that you have a backup plan in case of any issues or delays. You should also monitor and test the quality and functionality of the services or products delivered by the new vendor, and provide feedback and guidance as needed.

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5 Terminate the old vendor relationship

The final step is to terminate the old vendor relationship, once the handover process is completed and verified. You should follow the contract terms and conditions, and settle any outstanding payments, invoices, or disputes. You should also collect and return any data, assets, or documents that belong to the old vendor, and revoke their access to your systems or facilities. You should also thank them for their service, and provide them with a formal closure notice and feedback.

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6 Maintain and optimize the new vendor relationship

After you have successfully transitioned from one vendor to another, you should focus on maintaining and optimizing the new vendor relationship. You should establish regular communication and reporting mechanisms, and review the performance and satisfaction levels of both parties. You should also identify and address any issues or opportunities for improvement, and implement best practices and continuous improvement initiatives. You should also foster a collaborative and trusting relationship with the new vendor, and recognize and reward their achievements.

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Virender Kumar

Vendor and P2P Ops Management at Adobe
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Analytical methods to monitor and nurture the relationship is must, there should be clear agreement on numbers . Both parties should be clearly aware of what's going well against expectation and what needs improvement. Having analytical reports will help understand how much is the gap and what's the impact severity. Regular monitoring and collaboration is required to foster a successful and fruitful partnership

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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 transition from one vendor to another?

1

2

3

4

5

6

7

1 Assess the current situation

2 Define the transition objectives and criteria

3 Select and onboard the new vendor

4 Manage the handover process

5 Terminate the old vendor relationship

6 Maintain and optimize the new vendor relationship

7 Here’s what else to consider

Vendor Management

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How do you transition from one vendor to another?

1

2

3

4

5

6

7

1 Assess the current situation

2 Define the transition objectives and criteria

3 Select and onboard the new vendor

4 Manage the handover process

5 Terminate the old vendor relationship

6 Maintain and optimize the new vendor relationship

7 Here’s what else to consider

Vendor Management

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