Vendor Management Essentials

Course Information

Most businesses rely on vendors, and managing them effectively can have a huge impact on business success. Without a structured vendor management process, companies risk inefficiencies, compliance issues, and financial losses.

This one-day course provides a practical, step-by-step approach to vendor management, covering everything from creating a vendor policy to setting performance indicators, assessing vendor risk, developing contracts, and monitoring performance.

By the end of the course, you’ll have the tools and confidence to streamline vendor management, strengthen relationships, and mitigate risk in your organisation.

What you will learn

By the end of this course, you’ll be able to:

• Understand vendor management - Define vendors, vendor types, and key management principles
• Evaluate vendor benefits and risks - Identify challenges and implement solutions
• Set clear vendor performance goals - Use SMART goals and key performance indicators (KPIs)
• Develop an effective vendor management policy - Outline key elements for compliance and efficiency
• Manage the vendor lifecycle - Assess and select vendors using structured frameworks
• Identify and mitigate vendor risks - Use risk assessments and rating systems
• Negotiate and finalise vendor contracts - Understand key contract components
• Monitor vendor performance - Conduct audits, evaluations, and compliance checks

Who is this course for?

This course is ideal for:

• Procurement and supply chain professionals
• Finance, compliance, and risk managers
• Business owners and decision-makers
• Project managers

All with our 100% Money-Back Guarantee and Unlimited Email Support.