Organizations need to reinvent their traditional vendor management practices to derive more value out of supplier relationships. Vendor selection itself is a critical thing and being diligent in vendor onboarding will prevent problems. By Utilizing digital tools like Vendora, eliminate the risk for delays of human mistakes and strengthen relationships with vendors. Investing in this tool will help you gain transparency in communication and help you forge long term relationship with strategic partners who share your goals and your success.
Automated Vendor Onboarding / Selection
Every potential vendor should undergo evaluation process (for vendor onboarding) as it ensures the best vendor for an organization. Need to be aware of all sales pitches happened must do research online and seek business counterpart ideas.
Issue a RFP
Send an outline your organization’s business objectives and technical requirements to the top 3-5 vendors you have identified and get formal confirmation against each requirement.
Be prepared to draft a pros and cons list of each vendor, find details on where a vendor excels & where he lacks to meet the critical requirement and do compare each of the RFP document
Complete Vendor Risk Assessment
Do assess whether a vendor is in high, moderate or low risk to your organization and then determine the persistence. Follow the guidelines you follow and keep the process.
After Shortlisting the vendors ask for professional references to someone who can state their experience to us with respect to the product /service.
Develop an Exit Norm
During signing up of the contract consider a backup & think of a secondary source and also think of sharing the volume between the two vendors.
Perform Vendor Audits
Review, analyze, optimize spending and contractual terms to select the best vendor and the best fit for your organization.
Vendor Management Software’s available in the market helps organizations spot weaknesses and extract maximum value out of vendors. Vendora automates paper-based processes to increase efficiency and reduce human error, with this automated vendor management software application in place you can address the needs of your procurement head, save hours of manual work in different spreadsheets and systems.
To strengthen supplier relationship, automate Vendor Onboarding Process, reduce risk and make smart sourcing invest in vendor management software system. To know more about our Vendora SCM Software visit our features page / case studies.