This checklist outlines the steps to effectively manage vendors, ensuring compliance and performance in line with company standards.
Determine the types of vendors needed for services or supplies based on organizational needs.
Conduct market research to find potential vendors that meet the organization's criteria.
Reach out to selected vendors and request proposals outlining their services, costs, and terms.
Assess the received proposals based on cost, quality, and service delivery timelines.
Engage in discussions with selected vendors to negotiate pricing, service level agreements, and contract terms.
Draft and finalize contracts with the chosen vendors, ensuring all terms are clear and agreed upon.
Regularly review vendor performance against the agreed terms and performance metrics.
Schedule periodic reviews to assess vendor relationships and make adjustments as necessary.