Vendors are an important part of a company. They provide products and services that may otherwise be difficult to find or create. However, the relationship between vendor and client is not always easy. It is important for vendors to understand their clients’ needs in order to provide appropriate services. The same applies for clients: they need to know what the vendors offer and what their capabilities are in order to work with them effectively.
There are many ways of managing vendors: hiring them on a project basis, making them a part of your team or even merging the two together into one company. What method is most effective depends on the size, resources and needs of each individual business. Today organization outsource those key function which can be best delivered from their outsourced partners, and keep the functions in which they are best, resulting to best output, resulting to a world class organization.
Lasting relationships between vendor and customer are based on many interpersonal skills such as Trust, Open communication, Win-Win Negotiations and flexibility in dealing with conflict. In addition to the above there would be few business functions that need to be performed at ones own end or customer end, like Planning, Designing, reviewing etc. Following program will help audience to understand vendor management approach, with effective tool and techniques, resulting to more successful partnering relationship with vendors.