How do you cope with vendor turnover and transition?

4 Manage risks and contingencies

The fourth step to manage multiple vendors is to manage risks and contingencies that may arise from vendor turnover and transition. You should have a risk management plan that identifies the potential risks, such as delays, errors, disputes, or quality issues, and the mitigation strategies, such as backup plans, contingency funds, or alternative suppliers. You should also have a transition plan that outlines the steps and responsibilities for transferring work, data, and assets from one vendor to another, or from a vendor to an internal team.

5 Foster collaboration and innovation

The fifth step to manage multiple vendors is to foster collaboration and innovation among them. You should encourage your vendors to work together, share best practices, and leverage their complementary strengths and capabilities. You should also create a culture of innovation and learning, and invite your vendors to contribute ideas, suggestions, and solutions to your business challenges and opportunities. You should also reward your vendors for their performance, innovation, and loyalty, and build long-term relationships with them.

6 Evaluate and optimize your vendor management process

The final step to manage multiple vendors is to evaluate and optimize your vendor management process. You should measure and track the results and outcomes of your vendor projects, such as cost savings, quality improvement, customer satisfaction, or revenue growth. You should also solicit feedback from your vendors, your internal teams, and your customers on the vendor management process, and identify the strengths, weaknesses, opportunities, and threats. You should also implement continuous improvement initiatives, such as training, coaching, or benchmarking, to enhance your vendor management skills and capabilities.