Discussion Board - Evaluating Suppliers and Vendors Assignment

Discussion Board - Evaluating Suppliers and Vendors - Assignment Example This evaluation should include an in-depth research on the activities that the vendors and suppliers engage in. The evaluation should also focus on the value added that the various suppliers, and the vendors are likely to bring to the company. Secondly, it is important to decide on the performance indicators. It is important to define the roles and the characteristics as well as the behavior that the vendors and suppliers should show or exhibit in the course of the business transactions. This will create a clear picture of the manager’s expectations to the vendors and suppliers. The performance criteria and the measurement of performance are subject to the performance indicators, and all vendors and suppliers need to be aware of it. It is after setting the performance indicators that the manager should come up with the duties of individuals in the company in relation to the suppliers and the vendors. When dealing with the suppliers, it is necessary that the teams or department s that deal with the suppliers directly are able to give their honest opinions about the suppliers and vendors. It is useful that they help with the ratings when it comes to the way the suppliers and the vendors are engaging in business. This will give the manager the first hand information about the suppliers and the vendors. Then it is necessary to create a good rapport with the vendors and the suppliers. It is at this point that one should treat the suppliers and the vendors as part of the larger management team. It is necessary that proper communication and communication channels are put in place by the manager to allow for free flow of information (Vendor Management, 2005). The manager needs to address the issues affecting the vendors and suppliers in an open and honest manner at all the times to maintain the good relationship. Finally, it is important to get rid of underproductive vendors and suppliers to avoid wastage for the