In business, relations and profitability go hand in hand. Having the right vendors on board and achieving the ideal relationship with them can spell the difference between good and great performance levels. In this course, we describe the spectrum of business relationships and discuss how vendor profiles can be developed to improve each relationship. We then list the different go-to-market strategies and discuss how they can be used to integrate vendor relations. Finally, we highlight the leadership and communication skills that are necessary to leverage the full extent of vendor relations. By the end of the course, participants will be able to:
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
Content
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
Economic success
Social development
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
Volume concentration
Best price evaluation
Global sourcing
Product specification improvement
Joint process improvement
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
Reciprocation technique
Authority technique
Social proof technique
Commitment technique
Liking technique
Scarcity technique
Vendor relations etiquette
Communicating with foreign vendors
Course Target
Target Audience
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.
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