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.