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Vendor Management Essentials
Gain control over your vendor relationships with a structured approach to selection, contracts, and performance monitoring. Learn how to mitigate risks, set KPIs, and maximise value from your suppliers.
Virtually Online Or On-Site
1 Day
Expert Trainers
Small Class Sizes
Rated 4.8/5 by learners
Money-Back Guarantee
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Course Information —Business & Professional Skills.
Course Information
Most businesses rely on vendors, and managing them effectively can have a huge impact on business success. Without a structured vendor management process, companies risk inefficiencies, compliance issues, and financial losses.
This one-day course provides a practical, step-by-step approach to vendor management, covering everything from creating a vendor policy to setting performance indicators, assessing vendor risk, developing contracts, and monitoring performance.
By the end of the course, you’ll have the tools and confidence to streamline vendor management, strengthen relationships, and mitigate risk in your organisation.
What you will learn
By the end of this course, you’ll be able to:
- Understand vendor management - Define vendors, vendor types, and key management principles
- Evaluate vendor benefits and risks - Identify challenges and implement solutions
- Set clear vendor performance goals - Use SMART goals and key performance indicators (KPIs)
- Develop an effective vendor management policy - Outline key elements for compliance and efficiency
- Manage the vendor lifecycle - Assess and select vendors using structured frameworks
- Identify and mitigate vendor risks - Use risk assessments and rating systems
- Negotiate and finalise vendor contracts - Understand key contract components
- Monitor vendor performance - Conduct audits, evaluations, and compliance checks
Who is this course for?
This course is ideal for:
- Procurement and supply chain professionals
- Finance, compliance, and risk managers
- Business owners and decision-makers
- Project managers
All with our 100% Money-Back Guarantee and Unlimited Email Support.
1
Vendor Management
- Definitions
- Vendor Interaction Phases
- What is Vendor Management?
2
Benefits and Challenges of Vendor Management
- Benefits of Vendor Management
- Challenges of Vendor Management
3
Types of Vendors
- Vendor Type
- Vendor Relationship Management
- Vendor Relationships
4
Vendor Management — First Steps
- Vendor Management Policy Document
- Business Goal Setting
- SMART Goals
- Business Goals Related to Vendors
- Vendor Management — Key Performance Indicators
5
Vendor Life Cycle Management
- Vendor Life Cycle Management
- Vendor Life Cycles
6
Assessment and Selection of Vendors
- Vendor Risk Management Framework
- Assessment and Selection of Vendors
- Risk Assessment
- Scaling Your Vendor Assessments
- What to Do With All This Information
7
Developing Contracts and Finalizing Vendors
- Contract Negotiation
- The Contract
8
Monitoring Performance and Vendor Relationships
- Monitoring the Vendor
- Vendor Evaluation Audits
- Basics of an Audit
- Questioning Exercise
- Developing an Audit Checklist
- Audit Checklist Exercise
- Conducting the Audit
- Audit Role Play
- Noncompliance and Corrective Action
- Recording Non-Compliance Exercise
- Taking Corrective Action
- Personal Action Plan
Private courses.
We’ll help you meet your company training needs with instructor-led business skills and IT training courses, or your money back. Take courses in our UK classrooms or online - it’s your choice!
Tailored
Post Course Support
Cost Effective
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