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> vendor management checklist
vendor management checklist
Vendor Selection
Identify business needs and requirements
Conduct market research to identify potential vendors
Evaluate vendors based on criteria such as reputation, experience, and financial stability
Obtain and review vendor proposals
Conduct interviews or meetings with shortlisted vendors
Check vendor references and reviews
Evaluate vendor's compliance with industry regulations and standards
Contract Negotiation and Agreement
Define the scope of work and deliverables
Determine pricing and payment terms
Establish service level agreements (SLAs) and performance metrics
Define intellectual property rights and confidentiality provisions
Include termination clauses and dispute resolution mechanisms
Review legal and contractual obligations with legal counsel
Obtain necessary internal approvals and signatures
Vendor Onboarding
Establish a process for onboarding new vendors
Verify vendor's legal status and credentials
Request and review vendor's financial statements
Conduct background checks on key vendor personnel
Ensure vendor's compliance with regulatory requirements
Establish communication channels and points of contact
Provide vendors with necessary access to systems and resources
Ongoing Vendor Management
Monitor vendor performance against SLAs and performance metrics
Conduct regular vendor performance reviews and meetings
Address any performance issues or concerns proactively
Review and update contracts periodically
Ensure vendor compliance with contractual obligations
Monitor vendor's financial stability and viability
Maintain open communication and resolve disputes promptly
Vendor Exit Strategy
Establish a process for vendor contract termination
Define transition plans and timelines
Ensure smooth transfer of services to a new vendor or in-house
Review and address any outstanding contractual obligations
Retrieve or secure any company data or intellectual property
Conduct a post-termination review and evaluation
Update vendor management records and documentation
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