This checklist is designed to streamline the process of managing vendors, ensuring that all necessary steps are followed to maintain effective vendor relationships and compliance.
Determine the specific services or products needed from the vendor to support business operations.
Conduct market research to find vendors that meet the identified needs and have a good reputation.
Reach out to potential vendors and request proposals including pricing, terms, and conditions.
Review and compare proposals based on pricing, quality, and vendor reliability.
Discuss and finalize the terms of the contract with the selected vendor.
Create an account for the vendor in the procurement system or relevant management platform.
Regularly assess vendor performance against agreed-upon metrics and provide feedback.
Periodically review contracts and negotiate renewals or terminations as necessary.