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Effective vendor management is essential for creating value-driven relationships. Discover strategies for establishing clear expectations, fostering open communication, monitoring performance, resolving issues, and promoting collaboration. Transform vendors into strategic partners, optimizing mutual success. Learn how to develop a robust set of criteria to evaluate potential vendors, distinguishing between ‘must-have’ and ‘nice-to-have’ factors.
Understand how to define vendor performance evaluation metrics, conduct regular reviews, and utilize scorecards to track progress. Provide constructive feedback and create action plans for continuous improvement. Read now to elevate your sourcing approach, drive value, and achieve lasting success with your vendors.