In an article published in both Health IT Outcomes and Retail IT Insights on November 21, Roy Hadley discusses vendor management and keys for businesses to be operationally successful.
Great vendor relationships start and end with communication, but a lot of work still needs to go into the relationship to ensure success. Roy goes in-depth elaborating on key areas that are crucial for a successful vendor relationship, such as relationship development, contract management, performance management, risk management and more.
Roy discusses the importance considering financial obligations before entering a vendor relationship. “Like a marriage, both parties are entering into a relationship with the goal of it being mutually beneficial. That said, however, both parties will have their own self-interest and need to make sure that their individual needs are met. Like a marriage, if one party is unhappy or if the relationship is not furthering their individual purposes, the relationship will not work,” Roy explains.