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The goal of Vendor Management is to ensure value from the relationship between the business and the vendor, reducing costs and potential risks. Sourcing and managing suppliers of content, materials, and instructor resources on a global scale can be a time-consuming and resource-intensive function. Vendor Management Services are prevalent in the staffing environment, particularly when a company employs many temporary staff. Many Vendor Management Services consultancies will provide the above services using a combination of staff and computer systems.
Having a strong Vendor Management system and process provides you the following benefits:
The first goal of Vendor Management is to find the right vendor. This involves researching the most suitable providers and collecting information regarding the pricing, quality of work, performance against requirements, how they treat their employees and their relationships within the industry.
The second goal is to establish the proper relationship with the vendor. This requires full transparency between business and provider, including outlining goals, intentions, KPIs and required outcomes. The Vendor Management system will establish strong contractual protections for both parties and ensure that it is focused on the goals of your business.