Organizations with high volume of projects and contracts have become increasingly dependent on vendor service arrangements. A well executed vendor service agreement should clearly spell out the vendors role, responsibilities and project completion timeline and expectations. It is imperative that your vendor understands the organizations vision, business objectives and be provided with the necessary onboarding, training and internal resources to complete required tasks.
You will learn why:
• Vendor over sight is critical to assure that your vendor is performing in accordance with the service agreement.
• Monitoring vendor performance is also necessary to determine quality of work, capture successes and understand areas that might need improvements.
• The evaluation process should be done periodically during the project life-cycle to assess vendor workman quality, bandwidth, compliance with operational procedures and that they are on target with projected milestone dates.
• You can build and maintain vendor relationships by providing positive feedback and helping the vendor in areas that need improvement.
• Using KPI's or other project management or CLM tools can help you effectively and efficiently monitor your vendors.