Constant communication is the key to a successful partnership. For the growth of any organization and to ensure that the partnership drives to success, vendor management plays a crucial role it is not just about numbers and contracts, but it is also about the strong working relationship that is developed between the customer and vendor.
It is very necessary that the parties are on the same page from the beginning when flushing out roles and making clear the goals, business vision, and expectations. When a vendor understands how important customer service is they will be encouraged to work harder in that area. Knowing that the goals will help them make the best decisions.
Tips to manage successful vendor partnership
Communication
Take the time to communicate with the vendors and ask for the same type of outreach in return. This is especially important regarding timelines. With a strong understanding of the business and goals and to meet the performance metrics in terms of quality, delivery and all other aspects relevant and regular communication play a vital role.
Wise Selection
As it is a business relationship, knowing a vendor’s company well and seeking the state of the company’s business profile plays a major role. Examining the pros and cons of proper evaluation from the response time the contract terms selection of the vendor must be done very wisely not only for the healthy relationship but also for the further growth of the organization.
Flexibility & Accountability
Staying flexible not only means adapting to everyday issues that arise but also planning the setbacks or disasters that occur in the productivity of the business. Sharing of equal responsibilities for the success or failure of the working relationship and accepting the accountability in the process by acknowledging decisions, delayed timing or changes in project scope directly impact the vendor’s ability to do his or her job well.
Loyalty & Recognition
Being loyal to the vendor by consistently giving them business and sticking with them through mistakes, misunderstandings or miscommunications, they may return the favor by offering discounts and incentives. The more transparent the relationship with the vendor, the more they can tailor specific solutions to the organizational needs. It is really important to be open with them about the book of business or prospecting opportunities.
Proper recognition followed by the encouragement whenever there is a good job done or a target has reached provides motivation for any vendor to go the extra mile in terms of improvising performance and accomplishments.
Learning how to build and maintain the relationship will definitely benefit from the successful partnership with the vendor.
