Executives and outsourcing vendors alike are constantly evaluating what vendor management is. Vendor management is the discipline of establishing service, quality, cost, and satisfaction goals and selecting and managing third party companies to consistently meet these goals.
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- Negotiate To Always Win the Agreement- Good vendor management dictates that negotiations are completed in good faith. We always follow the negotiation points that help both sides to accomplish their goals.
- Balance Commitment – One of the goals in vendor management is to gain the commitment of the vendors to assist and support the operations of the business. On-the-other-hand, the vendor is expecting a certain level of commitment from you. Therefore, we always make sure to keep the balance between both the vendors and the business organizations.
- Build Long Term Relationship With the Vendors- Vendor management always seeks long term relationships over short term gains and marginal cost savings. Constantly changing vendors in order to save a penny here or there will cost more money in the long run and will impact quality. Other benefits of a long term relationship includes trust, preferential treatment and access to insider or expert knowledge and therefore we always prefer for building a long term relationship with the vendors.
- Providing The Service On Value- Vendor management is more than getting the lowest price. Most often the lowest price also brings the lowest quality. We always focus on the quality for the money that is paid.