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Vendors: The Good The Bad and The Ugly

Vendors: The Good The Bad and The Ugly. Vendors vs. Partners. Key Factors in Vendor/Partner Management. Scope of services Contract structure and terms Termination Remedy SLAs Contract flexibility. Governance. Relationship. Contract. Governance structure Staffing levels

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Vendors: The Good The Bad and The Ugly

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  1. Vendors: The Good The Bad and The Ugly

  2. Vendors vs. Partners

  3. Key Factors in Vendor/Partner Management • Scope of services • Contract structure and terms • Termination • Remedy • SLAs • Contract flexibility Governance Relationship Contract • Governance structure • Staffing levels • Roles and responsibilities • Policies and procedures • Common goals and vision • Alignment of expectations • Communications • Partnership • Cultural fit Delivery Experience • Actual Savings vs. the business case • Pricing vs. the market • Performance • Innovation and optimization • Access to full suppliers’ resources • Skills and experience of resources PARTNERS IN SUCCESS

  4. 3 Phases of Onboarding Blind date Courtship Partnership • Agreement • Contract • Scope • What’s in • What’s out • Execution • Ongoing symbiotic relationship • Cold call • RFP • Network • Sole source • Expertise • Capabilities • Partnership potential • Goals & vision • Expectations • References

  5. Strategies to Strengthen Vendor/Partner Relations • Share information and priorities • Balance commitment and competition • Allow key vendors/partners to help you strategize • Build partnerships for the long term • Seek to understand their business also • Negotiate to a Win-Win agreement • Come together on value

  6. Vendor/Partner Management • Determine who owns the relationship • Manage the number of vendors/partners • Track contracts and agreements • File executed copies • Track expiry and renewal dates, costs, services • Meet regularly to discuss performance, new initiatives • Be realistic and honest about expectations • Pay invoices in a timely fashion

  7. The Demo • V. Mary Abraham’s KM Blog Above and Beyond KM, “Make it Count in 2012” • Only work on initiatives that are “force multipliers” • Among activities that eat up time and resources, but are low-impact with little chance of achieving force multiplication within a firm: Vendor demos

  8. Cold calls Types of Cold Calls • Partners looking to meet and provide a service • Professional cold callers working from a list trying to arrange a meeting for sales Tips • Keep mobile phone numbers for your use • Screen calls, don’t answer names and numbers you don’t recognize • Use Do Not Disturb when busy OR

  9. Cold calls V: Good day P: Who is this? V: I am so and so from xyz company P: What is this regarding V: We offer this service that will save you time and money P: Not interested, thank you! OR Listen to pitch for 10 seconds THEN not interested. thank you interested but not ready, call back in x months interested but no time now, schedule time to speak (not meet) in more detail Close the loop otherwise they just call back!

  10. Questions? Perry Brock Ventura Consulting Inc. 905.597.3609 office 416.315.7602 mobile perry@venturaway.com Linkedin: http://www.linkedin.com/in/perrybrock Joshua Fireman Fireman & Company 888.701.4808 joshua.fireman@firemanco.com www.firemanco.com LinkedIn: http://www.linkedin.com/pub/joshua-fireman/0/158/b46 Kathleen Hogan Senior Counsel & Director of Knowledge Management, BMO Financial Kathleen.hogan@bmo.com LinkedIn:  http://ca.linkedin.com/in/jkathleenhogan

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