Vendor management is a strategic process that is dedicated to the sourcing and management of vendor relationships so that: – value creation is maximized and – risk to the enterprise is minimized. Good vendor management prompts vendors to deliver you products and services at the optimal level of quality and risk, at the required time and place, and at the best price.
The vendor management discipline focuses on best practices for managing vendors in four key areas: contracts, performance, relationships and risk. It is also important to establish internal and external policies, standards, processes and templates for working with vendors. Understanding vendor spending by vendor and serviced offered. Focus vendor performance metrics on business outcomes such as innovation, quality of work performed, timelessness and hold strategic suppliers to higher standards and drive continual performance improvement. Aggregate and communicate key vendor data to association board members and property owners. And foster analytics-driven decisions based on this information.
We at Trocki Property Management embed this into our methodologies and hold our clients vendors to these standards and will continually advise our clients over the performance of their vendors held to the standards described above.
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