Vendor Management

In this course, you will acquire the skills necessary to adeptly oversee vendors. Through practical exercises, a holistic understanding will be cultivated on the selection, motivation, and management of vendors.

The curriculum will introduce you to the procurement life cycle and emphasize the three crucial facets of successful vendor management: commitments, relationships, and metrics. Commitments involve the reciprocal obligations manifested in agreements, contracts, and statements of work. Relationships encompass the orchestration of interactions between the buyer and seller, ranging from governance protocols to negotiation dynamics. Metrics involve the collection of data throughout the procurement project, employed to assess performance. You will be equipped to design metrics that incentivize desired behavior and optimize value.

Objective

• Understand the procurement lifecycle and its integration with effective vendor management
• Explore the three core pillars that drive successful vendor management
• Recognise the importance of clearly defined and mutually agreed commitments
• Examine the key components of contracts, Statements of Work (SOWs), and Service Level Agreements (SLAs)
• Understand the different types, purposes, and structures of vendor agreements
• Apply change control processes and governance frameworks to manage contractual variations
• Develop negotiation techniques that foster collaboration and long-term supplier relationships