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What are the differences between onboarding a new vendor and managing an existing vendor relationship?

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Onboarding a new vendor and managing an existing vendor relationship are two distinct phases of vendor management, a skill that involves overseeing and optimizing the performance, value, and risks of working with external suppliers. In this article, you will learn about the main differences between these two phases and how to approach them effectively.

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1 Onboarding a new vendor

Onboarding a new vendor is the process of selecting, contracting, and integrating a new supplier into your business operations. It involves defining your requirements, evaluating potential vendors, negotiating terms and conditions, setting expectations and goals, and establishing communication and reporting channels. Onboarding a new vendor requires thorough due diligence, clear documentation, and careful planning to ensure a smooth transition and alignment of objectives.

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2 Managing an existing vendor relationship

Managing an existing vendor relationship is the process of monitoring, evaluating, and improving the performance, value, and risks of working with an established supplier. It involves tracking deliverables, measuring outcomes, providing feedback, resolving issues, and identifying opportunities for innovation and collaboration. Managing an existing vendor relationship requires regular communication, mutual trust, and adaptive management to ensure a productive and sustainable partnership.

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3 Differences in scope and focus

One of the main differences between onboarding a new vendor and managing an existing vendor relationship is the scope and focus of the activities. Onboarding a new vendor is a project-based process that has a defined start and end point, and focuses on setting up the initial framework and conditions for the vendor relationship. Managing an existing vendor relationship is an ongoing process that has no fixed duration, and focuses on maintaining and enhancing the quality and value of the vendor relationship.

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Luzviminda Stewart

SAFe Certified, blessed to help businesses develop more efficient process through their current talents and technology supplemented with outsourced personnel, as needed.
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This is not necessarily true. Onboarding a new vendor might be because the old vendor could no longer support the strategy and goals of the business, so it’s not project base. I’ve had to replace a vendor because the old vendor would not comply to the company’s security standards. The difference in scope is due to the learning curve the new vendor has to go through as well as any changes they have to make to comply to the business’ standards. Onboarding and managing a vendor are 2 totally different phase of vendor management.

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4 Differences in challenges and risks

Another difference between onboarding a new vendor and managing an existing vendor relationship is the type and level of challenges and risks involved. Onboarding a new vendor is a complex and time-consuming process that involves a high degree of uncertainty, change, and coordination. It poses challenges and risks such as selecting the right vendor, negotiating fair and favorable contracts, ensuring compliance and security, and integrating different systems and processes. Managing an existing vendor relationship is a dynamic and evolving process that involves a high degree of interdependence, collaboration, and innovation. It poses challenges and risks such as meeting changing expectations, ensuring performance and value, managing conflicts and disputes, and fostering continuous improvement.

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Suraj Ravindran

Corporate Communications | Change Management | Organisational Development
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Managing an existing vendor has its own merits depending on the quality of services or goods provided. The need for a new vendor could arise due to different reasons which would include but is not limited to price changes, budget changes, quality issues, etc. While choosing a new vendor, one great advantage over an existing vendor is the learnings that could be used to define the scope of the new agreement. Expectation setting could also be done better while choosing a new vendor but this could be done after checking if the same level of services could be offered by the existing vendor.

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5 Differences in skills and competencies

A third difference between onboarding a new vendor and managing an existing vendor relationship is the set of skills and competencies required for each phase. Onboarding a new vendor requires skills and competencies such as market research, contract management, project management, change management, and stakeholder management. Managing an existing vendor relationship requires skills and competencies such as performance management, value management, risk management, relationship management, and strategic management.

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6 Differences in best practices and tools

A final difference between onboarding a new vendor and managing an existing vendor relationship is the use of best practices and tools for each phase. Onboarding a new vendor requires best practices and tools such as defining clear requirements and criteria, conducting comprehensive vendor assessments, creating detailed contracts and service level agreements, implementing effective onboarding plans and checklists, and using standardized templates and forms. Managing an existing vendor relationship requires best practices and tools such as defining clear roles and responsibilities, conducting regular vendor reviews and audits, creating feedback and escalation mechanisms, implementing corrective and preventive actions, and using dashboards and reports.

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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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Colm Byrne

Head of Vendor Management at Mediolanum Irish Operations
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To add to the above, onboarding Vendor B may run in tandem with offboarding Vendor A, all the while ensuring service levels, quality, and costs are managed during a complex period of transition, for both vendors as well as the business/customers. In many cases, this may require challenging conversations to ensure both vendors cooperate to deliver a successful transition, ensuring neither spites themselves with a view on future business.

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What are the differences between onboarding a new vendor and managing an existing vendor relationship?

1

2

3

4

5

6

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1 Onboarding a new vendor

2 Managing an existing vendor relationship

3 Differences in scope and focus

4 Differences in challenges and risks

5 Differences in skills and competencies

6 Differences in best practices and tools

7 Here’s what else to consider

Vendor Management

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What are the differences between onboarding a new vendor and managing an existing vendor relationship?

1

2

3

4

5

6

7

1 Onboarding a new vendor

2 Managing an existing vendor relationship

3 Differences in scope and focus

4 Differences in challenges and risks

5 Differences in skills and competencies

6 Differences in best practices and tools

7 Here’s what else to consider

Vendor Management

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