Effective Management of Vendor Relationships
Course Info
Code PO1-111
Duration 5 Days
Format Classroom
Course Summary
Vendor relationships, partnerships, and stakeholders all play a huge role in any business. They begin with solid communication, honesty, and mutually beneficial agreements to ensure that everyone is happy with how the relationship moves forward.
It’s important to forge relationships with the right people and create contingency plans to ensure any failures aren’t a detriment to your own organisation. A good vendor relationship will allow you to grow in tandem, solidifying your business’ future.
To create a good relationship, you’ll need to take time to understand the goals of the other company, discuss supply chain management and how this benefits both parties, and create effective communication channels to share problems and find fast resolutions.
- To define a stakeholder in an organisation.
- To understand how important vendors are.
- To learn and develop skills for vendor relationships.
- To understand how to avoid negativity in relationships.
- To create an effective contingency plan if something goes wrong.
- To assess the risks with a vendor relationship and plan mitigation techniques.
- To perfect management reviews of vendor relationships.
- To feedback on issues and use problem-solving techniques to get what you need from each relationship.
This course is designed for people responsible for managing partnerships, stakeholder relationships or the supply chain within any organisation. it would be most beneficial for:
- Partnership Managers
- Account Managers
- Logistics Managers
- Senior Team Leaders
- Operations Managers
- Training Managers
- Senior Executives
- Directors
- Supply Chain Managers
This course uses a variety of adult learning methods to aid understanding and comprehension. The course consists of presentations to display effective communication and planning styles.
Participants will be presented with tools and techniques to aid effective negotiation and will be instructed to perform role-playing exercises to gain buy-in from vendors and partners through their own influence while discussing risk areas and mitigating potential problems. Group exercises will help each participant to understand what they need from a vendor relationship and help to plan a strategic roadmap and forward-thinking goals specifically for their own organisation.
Course Content & Outline
- The wider supply chain and the various technologies used to create it.
- Visually put into perspective your stakeholders with a strategic roadmap.
- Understand what qualities you are looking for in a vendor.
- Healthy communication with your vendor. What are you both looking for?
- What are your priorities?
- Developing your leadership style.
- Create and effectively communicate your values and priorities.
- Building leadership skills and gaining the behaviour of a trusted authority figure.
- Build up staff morale and motivation.
- Set clear targets and goals for long- and short-term achievements.
- Discuss your ideal vendor performance.
- Delegate and manage with careful prioritising and thought-out planning.
- Use a needs and expectations analysis with your vendor, ensuring you are both on the same page.
- Reward good work and raise morale.
- Setting realistic expectations.
- Aim higher than originally anticipated with your vendors.
- Creating healthy and open communication channels.
- Improve communication through feedback.
- How to handle confrontational negotiations or negative interactions.
- Use influencing and negotiation techniques to gain traction.
- Discuss and acknowledge compromise.
- Creating scorecards and tracking your KPIs.
- Create an internal auditing framework to track your progress.
- Assess risk areas and present mitigation tools.
- When are preventative measures a waste of your time?
- Constructing an action plan for your future relationship.
- Setting goals for growth.
- Assess current SLAs.
- Where could improvements be made?
- Meeting and discussing future strategic goals.
- Aligning your goals with other organisations.
- Taking on constructive feedback to develop a workable action plan.
Featured Courses
Holistique Training draws distinction as one of the pioneers in the field of training and professional development solutions since 2008.