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What are the most important considerations for transitioning into a procurement career in vendor management?

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If you are interested in pursuing a procurement career in vendor management, you might wonder what skills, knowledge, and experience you need to succeed. Vendor management is a vital function that involves managing the relationships, contracts, and performance of external suppliers and service providers. It requires a combination of strategic, analytical, and interpersonal abilities, as well as a deep understanding of the business needs and objectives. In this article, we will discuss some of the most important considerations for transitioning into a procurement career in vendor management, such as:

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Sherryanne Meyer, SHRM-SCP, HRIP

Excellence through communication | Technology Transformation Expert | Human Resources Certified Professional

1 Assess your current skills

Before you apply for a vendor management role, it is important to evaluate your current skills and identify any areas for improvement. Vendor management professionals typically need strong negotiation and communication skills in order to negotiate contracts, prices, and terms with vendors, as well as effectively communicate with internal and external stakeholders. Additionally, they should have the ability to plan, execute, and monitor vendor projects while also identifying and mitigating potential risks or issues. They must also be able to collect, analyze, and present data on vendor performance, compliance, and quality, as well as provide feedback and recommendations. Lastly, they should be able to build positive working relationships with vendors and collaborate with cross-functional teams and departments.

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Sherryanne Meyer, SHRM-SCP, HRIP

Excellence through communication | Technology Transformation Expert | Human Resources Certified Professional
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To many, vendor management implies an adversarial relationship - one in which you are constantly monitoring and disciplining the vendor. This is a colossal waste of time and energy. Effective vendor management begins with trust - and that is only established through clear communication upfront in which each party articulates the value they hope to gain. My dad always said “you catch a lot more bees with honey” and that fundamental practice builds a more successful management team. Go into this arrangement with positivity, but a sound, equally respective relationship. You want the vendor to operate as one of your own employees - such that you receive the value that comes from a true stakeholder in your organization.

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2 Learn about the industry and market

If you are considering transitioning into a vendor management career, it is important to familiarize yourself with the industry and market you wish to work in. Different industries and markets may have different standards, regulations, and best practices for vendor management. You should research and understand the main types and categories of vendors that are relevant to your industry and market, the common challenges and opportunities associated with vendor management, the current and emerging trends and innovations that affect vendor management, as well as the competitive landscape and benchmarking of vendor management in your industry and market.

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Sherryanne Meyer, SHRM-SCP, HRIP

Excellence through communication | Technology Transformation Expert | Human Resources Certified Professional
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Network. Find associations locally and virtually worldwide where you can connect with like minded professionals. You will expand your range of contacts which does more than any resume or LinkedIn profile can do alone. People hire people they know. Be known. One great way be known and to learn is to volunteer your time and your skills. Connections gained will likely open up talents and capabilities you didn’t realize you had.

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3 Gain relevant experience and certifications

To increase your chances of landing a vendor management role, you should gain relevant experience and certifications that demonstrate your competence and credibility. Consider volunteering or taking on projects that involve vendor management tasks or responsibilities in your current or previous roles. Networking and connecting with vendor management professionals and experts in your industry and market is also recommended. Additionally, taking online or offline courses, workshops, or webinars that cover vendor management topics or skills can prove to be beneficial. Lastly, pursuing professional certifications or accreditations that are recognized and valued in vendor management, such as the Certified Professional in Supply Management (CPSM) or the Certified Professional in Supplier Diversity (CPSD), can help you stand out from the competition.

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4 Prepare for the interview process

When applying for a vendor management role, you should be prepared for the interview process. You may be asked questions that test your knowledge, skills, and fit for vendor management. Common questions may include how you select, evaluate, and manage vendors; how you negotiate contracts and prices; how you measure and report on vendor performance; how you handle disputes or issues; how you build relationships with vendors and internal stakeholders; and how you keep up with industry trends. To answer these questions effectively, prepare examples and scenarios that showcase your experience and achievements, as well as your problem-solving skills. Additionally, research the organization and role, tailoring your answers to their specific needs and objectives.

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5 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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Sherryanne Meyer, SHRM-SCP, HRIP

Excellence through communication | Technology Transformation Expert | Human Resources Certified Professional
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Dig into your past and understand where you have exhibited or exercised the qualities that make a strong vendor manager. Tell your story. Storytelling captivates your audience - involves them in your experience and the act of collecting your stories forces you to dig deep into yourself so that you can share your experiences confidently.

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What are the most important considerations for transitioning into a procurement career in vendor management?

1

2

3

4

5

1 Assess your current skills

2 Learn about the industry and market

3 Gain relevant experience and certifications

4 Prepare for the interview process

5 Here’s what else to consider

Vendor Management

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What are the most important considerations for transitioning into a procurement career in vendor management?

1

2

3

4

5

1 Assess your current skills

2 Learn about the industry and market

3 Gain relevant experience and certifications

4 Prepare for the interview process

5 Here’s what else to consider

Vendor Management

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