Effective Vendor Management: Lessons from Experience
In several of my roles as a project and program manager, vendor management has been a key responsibility. In one role, I managed vendor relations for a proof of concept (POC) to determine the best technology solution for a core business process. In another, vendor management was a significant part of my day-to-day work. Based on these experiences, I’ve learned that successful vendor management requires clarity, streamlined communication, and robust tracking. Here are three essential strategies for managing vendor relationships effectively. 1. Establish Clear Expectations from the Start One of the most critical aspects of vendor management is setting clear expectations from day one. This includes: Defining scope, deliverables, timelines, and quality standards upfront. Establishing clear Service Level Agreements (SLAs) and Key Performance Indicators (KPIs). Ensuring vendors fully understand project priorities and dependencies. A key lesson I learned in one of my roles involved receiving ...