Wednesday, January 20, 2021
  • About Us
  • Contact Us
  • Middle East
The Opportunist
  • Home
  • Startup News
  • Opinion
  • Stories
  • About Us
  • Contact Us
No Result
View All Result
The Opportunist
  • Home
  • Startup News
  • Opinion
  • Stories
  • About Us
  • Contact Us
No Result
View All Result
The Opportunist

Vendor Alignment Strategy

Aligning vendors through 5 easy steps.

TheOpportunist by TheOpportunist
February 2, 2020
in Strategy
2 min read
0
Vendor Alignment Strategy
0
SHARES
201
VIEWS

5 steps to Align Vendors

Controlling costs is an excellent way to maximize the profitability. However, squeezing your employees and resources beyond limits may lead to opposite results. Nonetheless, controlling costs through vendor alignment is highly effective. An organization may follow 5-step process to streamline its vendor alignment:

Related posts

Designing Your Business to Defeat the Big Bad Wolf

Designing Your Business to Defeat the Big Bad Wolf

July 27, 2020
Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

July 3, 2020
  1. Gather Requirements

Assessment of all the products and services to be procured from outside the organization is the foremost thing towards vendor alignment.  Organizations which identify services/products for vendor alignment at different time periods usually incur additional costs in terms of manpower hours and resources allocation as the same process is repeated.

 

  1. Review existing contracts

Review the existing contracts in terms of pricing, quality and payment terms. Ascertaining existing contracts helps is realistic expectation setting while aligning new vendors. It also helps in identifying the critical parameters for different products or services which may form the deciding factors in aligning new vendors.

 

  1. Create Vendor Selection Criteria

Create a dashboard with scorecard system to rate all the potential vendors on basis on cost, quality, turnaround time, payment structure and other relevant factors to your business. The scoring may be done as per the relevance of each of these points to your business.

 

  1. Conduct extensive research

Conduct an exhaustive research to identify and list all possible vendors for various products/services. Request for quotations from a minimum 5 vendors to compare and get a fair comparison.

 

  1. Contract

Collect feedback of all the shortlisted vendors from different sources. Gather feedback on timeline adherence, product/service quality level and consistency. Negotiate on price, quality/quantity and payment terms with the vendors. This is one of the critical ways to control your organization’s cash flow. Sign an initial contract for a minimum time period to test the quality of products/services and other factors like timeline adherence and consistency and then further renew the contract.

 

 

 

0
ShareTweetShareSend
Previous Post

Dejected From a Raise of $0.77 After 9 Years in Service, Started Her Own Venture to Become a Serial Entrepreneur!

Next Post

The importance of adopting a loving attitude towards stakeholders

Next Post
The importance of adopting a loving attitude towards stakeholders

The importance of adopting a loving attitude towards stakeholders

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Canadian family with dairy allergy develops ice cream alternative from bananas

Canadian family with dairy allergy develops ice cream alternative from bananas

2 months ago
Plan your Digital Marketing Strategy not just Social Media

Plan your Digital Marketing Strategy not just Social Media

10 months ago
Designing Your Business to Defeat the Big Bad Wolf

Designing Your Business to Defeat the Big Bad Wolf

6 months ago
How this 26-year-old CEO is redefining blockchain technology in media

How this 26-year-old CEO is redefining blockchain technology in media

2 months ago

FOLLOW US

  • 52 Fans
  • 25 Followers

BROWSE BY CATEGORIES

  • Experiences
  • Opinion
  • Startup News
  • Stories
  • Strategy
  • Uncategorized

BROWSE BY TOPICS

blockchain Book Launch budget Business Business Model Canada Canada Business Charity Company Construction Consulting content Digital Marketing Economy Education Business Employment Entrepreneurs Entrepreneurship Food food wastage Hard Work Hiring hydro Immigration Innovation Investing Legal Mentorship ontario Persistence Proof of Concept Retail Skincare SMEBusiness Social Enterprise Social Media Startup Strategy tax Technology vancouver

POPULAR NEWS

  • Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

    Learn how Dennis Geelen founded his own consulting company after 20 years of corporate experience

    0 shares
    Share 0 Tweet 0
  • Persistence is the only way to initiate & run businesses – This Company waited for 3 years to get its first client

    107 shares
    Share 107 Tweet 0
  • How ‘Cooks Who Feed’ plans to serve meals to over 1 million people in 1 year

    84 shares
    Share 84 Tweet 0
  • How this 26-year-old CEO is redefining blockchain technology in media

    0 shares
    Share 0 Tweet 0
  • How this 20-year-old developed a solution for her own skin problems to later build a business out of it

    0 shares
    Share 0 Tweet 0
The Opportunist

We are dedicated towards highlighting the businesses, entrepreneurs and startups that have made an impact towards Canadian economy with their products, services or even by sheer determination to succeed.

Follow us on social media:

  • About Us
  • Contact Us
  • Middle East

Copyright © 2020 | The Opportunist.

No Result
View All Result
  • Home
  • Startup News
  • Opinion
  • Experiences
  • Stories
  • About Us
  • Contact Us

Copyright © 2020 | The Opportunist.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.
SIGN UP FOR NEWSLETTER NOW
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.