Vendor Management Strategy

1. Develop Vendor Management Strategy
   Remember the Stephen Covey Note “Begin with the End in mind”.

Some Strategic points include:

1. Budget
   1. High Level Market Research
   1. Determine User Requirements.
   1. Create Vendor Selecting Criteria
      1. The weighting system
   1. Create a Bid Document
      1. RFQ: Request for Quote
      1. RFI: Request for Information
      1. RFP: Request for Proposal
   1. Evaluate Offers and select suppliers
   1. Negotiate the Contract
   1. Manage the Vendor relationship

Once the Vendor is on board, then use:

1. Clearly defined KPIs (Key Performance Indicator) – Reports to access vendor success.
   1. Recurring Meetings to discuss issues  +ve and -ve