LEADING AND MANAGING VENDOR RELATIONS

TRAINING OVERVIEW

In the realm of business, the synergy between relationships and profitability is undeniable. The selection of suitable vendors and the cultivation of optimal partnerships with them are pivotal in determining performance excellence. This course delves into the nuances of business associations, elucidating strategies for enhancing vendor relationships through the development of tailored vendor profiles. Additionally, we examine a range of go-to-market strategies and explore their applicability in bolstering vendor engagements. Lastly, we underscore the significance of leadership prowess and effective communication in maximizing the potential of vendor relations.

TRAINING TOPICS

• vendor validation process
• vendor development and integration
• managing vendor performance
• go-to-market strategies
• soft skills and vendor relations etiquette

By the end of this training course, delegates 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

TRAINING IS TAILORED TO

• Purchasing and supply chain professionals involved in supply management,
• vendor relations, sourcing, buying, expediting
• vendor evaluation as well as personnel involved in the purchasing process.

TARGET COMPETENCIES

• Vendor selection
• Vendor integration
• Vendor performance management
• Sourcing strategies
• Leadership
• Communication

TRAINING METHODOLOGY

The training methodology for this course adopts a blended approach, incorporating interactive lectures, practical case studies, group discussions, and hands-on exercises. Participants will engage in immersive learning experiences that encourage active participation and knowledge application. Through a combination of theoretical insights and real-world examples, attendees will gain a comprehensive understanding of the subject matter. Additionally, interactive sessions will provide opportunities for peer-to-peer learning and knowledge sharing. Regular assessments and feedback mechanisms will ensure continuous evaluation of learning progress and enable adjustments to the delivery approach as needed. By leveraging a variety of instructional techniques, this training methodology aims to cater to diverse learning styles and optimize knowledge retention and practical skill development among participants. 

DAY ONE:  

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

DAY TWO:  

VENDOR DEVELOPMENT AND INTEGRATION

• Vendor development
• Vendor diversity programs
• Supplier certification
• Electronic Data Interchange (EDI)
• Partnering typologies

DAY THREE:

MANAGING VENDOR PERFORMANCE

• Vendor performance objectives
• Performance targets
• Continuous improvement initiatives
• Service-level agreements

DAY FOUR:

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

DAY FIVE:

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