Vendor Management

Vendor Management

Advanced360 Solutions’ Vendor Management Practice (VMP) delivers custom strategies to optimize vendor relationships so you can:

  • Ensure you’re working with the best vendor for each need.

  • Eliminate overlap/redundancies of vendor services.

  • Negotiate contracts from a position of power, reducing or eliminating business risk.

  • Drive ROI through increased efficiencies and realized savings.

OUR VMP Methodology

Vendors are business partners who can help accelerate your path to success. If not appropriately managed, they can impede a corporation’s health and stifle its growth potential. This highlights the importance of having a solid Vendor Management Practice (VMP).

  • Program Objective: What problem are you attempting to resolve with this vendor? How do their services tie into the company’s strategic or operational plan? Is a third-party vendor necessary? Can their services and costs be tracked and measured?
  • Selection Process: Vendors must not be viewed through a monolithic lens. Advanced360 Solutions matches you with the best fit, which may not be a big brand name if that company isn’t committed to your success. Selecting and changing vendors must be approached with rigor and due diligence to ensure the vendor fits the needs of your business.

  • Contract Negotiation: We review the fine print, making sure every contract is structured correctly with no loopholes. Advanced360 Solutions’ negotiations are designed to shape and serve your success:
    • Clear outcomes, measurable goals, milestones, and deliverables—built into the agreement.

    • Fair and reasonable. Our processes utilize key data points to ensure both your company and the vendor’s company are positioned for success.

    • Communication. Advanced360 Solutions keeps essential personnel involved throughout the process to ensure efficient progress and a successful and timely conclusion.

  • Governance and Management: Advanced360 Solutions establishes right-sized vendor governance and management processes that deliver and maintain continual value and optimal relationships throughout the life of each vendor agreement. These processes can include on-boarding and off-boarding, communications, staff consistency, and risk management.

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