Vendor Relations & Supplier Management
This course has been designed to equip participants with the skills and techniques required to establish more successful commercial relationships with vendors who provide the products and services required to successfully deliver an organization’s programs and projects. This course offers a systematic approach to the end-to-end processes of sourcing, selecting and managing vendors. In this course, we describe the spectrum of business relationships and discuss how vendor profiles can be developed to improve each relationship.
· Evaluate vendor profiles for fit with organizational needs and direction
· Practice vendor integration techniques to support strategic purchasing objectives
· Manage vendor performance to ensure continuous improvement of offerings
· Apply winning go-to-market strategies to support internal capabilities
· Utilize essential soft skills to improve vendor relationship outcomes
Vendor validation process
· Words of wisdom on managing vendor relationships
· Sources for gathering information
· Vendor status
· Prequalification questionnaires
· Vendor risk assessments
· Sustainable vendor relations
· Triple bottom line
o Economic success
o Social development
o Environmental sustainability
Vendor development and integration
· Vendor development
· Vendor diversity programs
· Supplier certification
· Electronic Data Interchange (EDI)
· Partnering typologies
Managing vendor performance
· Vendor performance objectives
· Performance targets
· Continuous improvement initiatives
· Service level agreements
Go-to-market strategies
· Purchasing strategy matrix
· Six sourcing strategies
o Volume concentration
o Best price evaluation
o Global sourcing
o Product specification improvement
o Joint process improvement
o Relationship restructuring
· Group buying and bulk pricing
· Just-in-Time (JIT) buying
Soft skills and vendor relations etiquette
· Effective communication as a pillar for success
· Application of leadership and management skills in vendor relations
· Cialdini’s six powerful persuasion techniques
o Reciprocation technique
o Authority technique
o Social proof technique
o Commitment technique
o Liking technique
· Scarcity technique
· Vendor relations etiquette
Communicating with foreign vendors
Purchasing and supply chain professionals involved in supply management, vendor relations, sourcing, buying, expediting and vendor evaluation as well as personnel involved in the purchasing process.