Vendor Management Training in Chennai

INTRODUCTION

Vendor management is the process that enables an organization to control costs, reduce potential vendor risks, ensure outstanding service delivery, and get long-term value from suppliers. It comprises various activities such as vendor selection, contract negotiation, cost management, vendor-related risk mitigation, and service delivery. It enables individuals to use supplier management to achieve business goals and facilitate the onboarding process. An effective supplier management process helps organizations build stronger relationships with their suppliers, which leads to opportunities to negotiate better prices. Having immense skills of essential resources for maintaining a high-profile business will empower individuals to get highly reputed designations in multinational corporations and enhance their career opportunities.

In this 1-day Vendor Management Training course, delegates will enhance their expertise with a comprehensive knowledge of Vendor Management and its challenges. Delegates will get acquainted with strategic management tools, vendor evaluation and negotiating skills, sourcing strategies, buying procedures, and contract management knowledge. Our highly skilled and professional trainer will conduct this training who has years of experience in teaching Vendor Management Training that will help the delegates to gain a holistic view of how suppliers are selected, motivated, and managed.

COURSE OBJECTIVES

• To get familiar with various ways to efficiently collaborate with the vendor team
• To recognise the techniques for managing different vendor relationships
• To understand strategies for monitoring and evaluating vendor performance
• To get acquainted with vendor lifecycle management
• To acquire knowledge of the evaluation of bid proposals

 PREREQUISITES

In this Vendor Management training course, there are no formal prerequisites.

COURSE OUTLINE 

Module 1: Introduction to Vendor Management

• What is Vendor Management?
• Why is it Important?
• Vendor Management Process
• Benefits of Vendor Management
• Challenges of Vendor Management
• Vendor Management Tips for Success
• Vendor Lifecycle Management
• Phases of Vendor Lifecycle Management
• Needs Identification and Solicitation
• Vendor Management Lifecycle Best Practices
• Pillars of Effective Vendor Management

Module 2: Commitments

• Successful Vendor-Management Strategies
• Vendor Agreements
• Evaluation of Bid Proposals
• Vendor Contract Management Process
• Creating Effective SOWs
• Contract Risk Types

Module 3: Relationships

• Managing Vendor Relationships
• Vendor Governance Practices
• Changing Controls Systems
• Escalation Management
• Negotiate with Vendors Effectively
• Ways to Efficiently Collaborate with Vendor Team
• Alternative Dispute Resolution
• General Management Skills
• Analysis
• Communication
• Critical Thinking
• Decision-Making

Module 4: Metrics

• Vendor Metrics
• Mobile App KPIs
• Understanding Responsibility Assignment Matrix
• Vendor Scorecard
• Vendor Performance
• Balanced Scorecard (BSC)
• Improve Vendor Management Process

Module 5: Risk

• Vendor Risks
• Risk Mitigation
• Minimising the Burden, Ramping Business