(Good) Vendor Management is as essential to a successful business as is the in-demand product or service it provides. In fact, in today’s global economy, most companies depend heavily on vendors for much of the technology and services that enable the tools, user experience, and means of engaging both employees and customers. Irrespective of industry or company size, technology is prevalent and necessary; be certain that you select the right vendors for your needs. We can help you evaluate, find or provide the tools to ensure you have the best vendors supporting your business.
When procuring new vendors, there are several important exercises you should work through to ensure due diligence and that your business lands with the best vendor possible. Having a thorough vendor evaluation methodology can be time-consuming but is well worth it. We can help you or lead such assessments, thereby minimizing risk and potentially saving you the costly endeavor of having to terminate a vendor relationship that has soured on you. Our vendor assessment methodology is meticulous. We will help you:
- Understand the vendor landscape (gather insight from third-party reviews, reports, or analyses)
- Conduct a vendor RFI (Request for Information) with several vendors
- Ask that the top three vendors pass through the RFI take part in a POC (Proof of Concept) exercise
- Conduct an RFP (Request for Proposal) engagement with the three top vendors
- Select the best vendor taking into account how they perform in the Vendor Scorecard
You should have a vendor scorecard and a methodology to regularly evaluate and measure your vendors against KPIs (Key Performance Indicators). And you will want to discuss these KPIs with the vendor directly. These conversations allow them to continually improve or course-correct any areas that need attention well in advance to having uncomfortable conversations.
We can help you define which KPIs are right for your business and develop a sustainable plan to manage your vendors. The following are some typical metrics used: Accuracy/Punctuality of Services offerings
- Quality of Products/Services rendered
- Compliance with your business’s terms and conditions
- Pricing and incentives
- Support and CSM (Customer Success Management)
- Strategic Opportunities/Innovations provided
- Value Proposition over time
Not sure what you need, or aren’t sure where to start? Our Sustain solution is perfect for you. We can review your entire business from vision to frontline workers and deliver a plan and roadmap that will prepare you for that next level of growth. With StrataNorth, you can expect the very best customer service, in-depth analysis, and a world-class experience from start to finish.