The Value of Vendor Management
May 19, 2022
Vendors can play a significant role in the success of business objectives. Vendors help drive new growth, ensuring the organization is profitable, which is why effectively managing relationships with the vendor world is crucial. When vendor management is executed successfully, companies will benefit by staying abreast of industry trends, intel, and standards.
Managing Vendor Relationships
The key to any successful relationship is understanding the expectations of the parties involved. Knowing each participant鈥檚 role and clearly defining responsibilities for each party is an important element of managing expectations.
Frequent communication between Vendors and HR/business leaders supports the success of ongoing company objectives. Recurring meetings ensure opportunities for questions, problem solving, and decision making, as well as support the overall management of project timelines.
When a vendor relationship is properly managed, the company experience is enhanced. Confidence in a vendor鈥檚 team leads to enhanced performance management. Being able to provide constructive feedback and address concerns about client service can increase overall customer satisfaction.
Benefits of Vendor Management
One of the main goals of deploying technology is to improve overall data integrity. Proactive vendor management ensures vendors are thoroughly vetted. Checking for any potential risks that could adversely impact the company supports data integrity and security.
Client satisfaction is greatly improved when vendor relationships are proactively managed. Strengthening vendor relationships can streamline the selection process and improve efficiencies.
Sharing information is huge benefit of a strong vendor relationship. Vendors in the market can provide significant insight to their data security standards, functionality, pricing structures, and initiatives to help business leaders strategize more effectively.
Fostering vendor relationships requires commitment and consistency to ensure the needs of all parties are met. It is important to work with collaborative, customer-focused vendors that drive towards service excellence. A vendor relationship manager can grow that partnership rapport. When managed effectively, a successful vendor relationship can bring forth a strategic alliance to achieve a high level of success together.
If your organization would like to consult with BTR about your Vendor strategy, please email your inquiry to BTRProjects@bentechre.com.
About the Author
Therese Tomasek supports BTR as the Vendor Relationship Manager, focusing on developing and growing BTR鈥檚 partner relationships. Therese brings to the team several years of experience in HR, focusing on process improvement, talent acquisition, and contingent workforce management.
