Maximize the Value of Vendor Relationships – Phase 3: Build Partnerships, Evaluate Performance, and Transition Away From Vendors

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Vendor engagement doesn’t stop once the ink has dried. Ensure vendor performance and relationship sustainability through consistent and open communication.

This phase will help you:

  • Divide your vendor portfolio into tiers and create distinct management plans for each tier.
  • Build configurable scorecards with metrics that reflect the priorities of the organization.
  • Create plans for improving underperformance and enforcing penalties.
  • Select a cutover strategy to smoothly transition to a new vendor with minimal risk.

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