Vendor Assessment and Rating
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A vendor is a firm or an individual that has a product or service for sale. Firms depend on a vendor's ability to meet their needs in order to efficiently perform the functions of their business. Therefore, it is important for a firm to choose vendors who are able to meet their requirements. Firms use a process known as vendor analysis to assess the ability of existing or prospective vendors.
Vendor analysis identifies the strengths and weaknesses of each vendor, then compares them to find the vendor that best matches the needs of their company. A vendor analysis is conducted whenever a firm needs to find a new vendor or review the performance of its existing vendors. Let's look at the process of vendor analysis.
## Course Objectives
This course is aimed at addressing issues and criteria to be considered when selecting vendors and suppliers.
The Basics of Vendor Selection
- Assess the organization’s requirements and apply these details as a checklist
- Consider costs, technical and service requirements
- Take informed decisions: ask your staff to help in the decision process
- Prepare for vendor demonstrations with detailed questions and requirements
- Take advantage of trials and test-run offers
- Session 2: Initial Financing and Vendor Selection
- Purchasing or leasing?
- Set-up costs and set-up needs
- Ongoing needs and expenses
- Functionality and usability
- Coverage, discounts and special offers
- Fulfillment and shipping
- Ease of ordering
- Customer service of vendors
- When to evaluate (pilot project, ongoing, contract)
- FAQs for evaluating vendor services
- Data collection for future vendor selection
A variety of methodologies will be used during the course that includes:
- (30%) Based on Case Studies
- (30%) Techniques
- (30%) Role Play
- (10%) Concepts
- Pre-test and Post-test
- Variety of Learning Methods
- Case Studies and Self Questionaires
- Group Work
Who should attend
This course is aimed for everyone who has some responsibility in selecting suppliers and vendors to the organization for goods and services.