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Vendor Relationship Management
YOUR PATHWAY TO SUCCESS
This 5-day course provides a comprehensive understanding of vendor relationship management (VRM) principles and practices. Participants will explore the critical role of managing vendor relationships effectively to ensure a reliable supply of goods and services, optimize costs, and mitigate risks.
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Course Duration
5 Days
Enroll By
Every Week
Course Type
Online/ London
Course Details
This 5-day course provides a comprehensive understanding of vendor relationship management (VRM) principles and practices. Participants will explore the critical role of managing vendor relationships effectively to ensure a reliable supply of goods and services, optimize costs, and mitigate risks. The course covers core concepts such as vendor selection, contract negotiation, performance monitoring, and relationship building. Through real-world case studies and interactive exercises, learners will gain insights into how leading companies manage their vendor relationships to achieve mutual benefit and drive business success.
The course emphasizes the importance of strategic vendor relationship management and the alignment of vendor relationships with overall business objectives. It explores various vendor management models and best practices, including collaborative relationships, strategic alliances, and performance-based contracts. Participants will learn how to evaluate vendor capabilities, negotiate contracts, monitor vendor performance, and foster strong relationships with key vendors.
By the end of this course, learners will be able to:
- Select and evaluate vendors.
- Negotiate contracts effectively.
- Monitor vendor performance.
- Build and maintain strong vendor relationships.
- Improve vendor collaboration.
- Manage vendor risks.
- Vendor managers
- Procurement professionals
- Sourcing specialists
- Supply chain managers
- Contract managers
- Anyone involved in managing vendor relationships
Course Outline
5 days Course
- Introduction to Vendor Relationship Management: Concepts and Importance:
- The role of VRM in the supply chain.
- Benefits of effective VRM: Cost savings, improved service, reduced risk.
- Different types of vendor relationships: Transactional vs. strategic.
- Case study: Analyzing the VRM strategy of a successful company.
- Activity: Group discussion on the challenges of managing vendor relationships.
- Vendor Selection and Evaluation:
- Vendor identification and evaluation criteria: Cost, quality, delivery, capacity, and financial stability.
- RFIs, RFPs, and vendor due diligence.
- Developing a vendor evaluation scorecard.
- Practical exercise: Evaluating potential vendors.
- Contract Negotiation and Management:
- Contract negotiation principles and tactics.
- Types of contracts: Fixed price, cost-plus, and service level agreements (SLAs).
- Contract terms and conditions.
- Contract management best practices.
- Practical exercise: Negotiating a contract with a vendor.
- Contract Negotiation and Management:
- Vendor Performance Monitoring and Improvement:
- Key performance indicators (KPIs) for vendor performance.
- Vendor performance monitoring and reporting.
- Vendor performance improvement programs.
- Case study: Implementing a vendor performance management system.
- Vendor Performance Monitoring and Improvement:
- Building Strategic Vendor Relationships and Collaboration:
- Building trust and collaboration with key vendors.
- Sharing information and best practices with vendors.
- Developing strategic alliances with key vendors.
- Managing vendor risks.
- Project: Developing a vendor relationship management plan.
- Building Strategic Vendor Relationships and Collaboration:
