Management of Third Parties
Many of today's organisations work with third parties to provide solutions to their business requirements. In response to market demands Quantum Plus has developed a service to manage these third party supplier relationships to ensure they focus on areas that generate business benefit and value.
What Is Vendor Relationship Management?
Vendor Relationship Management helps companies manage their existing portfolio of suppliers and contracts and can include the following:
- Demand management.
- Contract realignment and re-tendering.
- Contract and supplier negotiation.
- Contract management.
- Supplier management.
In addition, Quantum Plus can review the 3rd party suppliers, and contracts, used by your organisation as part of its Vendor Relationship Management service and identify opportunities to consolidate your supplier base.
What Are The Benefits?
Vendor Relationship Management can help your company achieve many benefits, including the following:
- Reduce the total cost of ownership of your third party contracts. For example, by moving fixed to variable cost, holding regular contract reviews that may identify opportunities to save money, improvement of contract terms, investigation of alternative delivery approaches and price analysis.
- Improvements in supplier performance and efficiency as a result of implementing changes to process or new technology.
- Better quality decisions through the availability of an accurate, secure and configurable on-line contracts database and contracted response times to your contract queries.
- Transfer of vendor management skills by working alongside the Quantum Plus team.
Our Approach
The approach Quantum Plus uses for Vendor Relationship Management is underpinned by using mature methodologies, tools and processes and has the following three stages:
DUE DILIGENCE
During this stage, Quantum Plus will define the scope of Vendor Relationship Management services to be provided. This could range from cataloguing all third party contracts in a database to providing a fully managed service for all contracts with Quantum Plus taking over their management - outsourcing supplier and contract management.
BUILDING THE VENDOR RELATIONSHIP MANAGEMENT SERVICE AND TRANSITION
This stage would typically involve creating and populating the contracts database, while at the same time validating the information to ensure that it is complete and accurate. In addition, we will carry out a full assessment of current supplier governance arrangements. Furthermore, we will make arrangements for the transfer of any staff from your organisation to Quantum Plus. Part of the deliverables from this stage will also be a service description and service level agreement covering the services to be provided by Quantum Plus. At the end of this stage the responsibility for delivering Vendor Relationship Management services will transfer to Quantum Plus.
SERVICE DELIVERY
Quantum Plus will deliver Vendor Relationship Management services on your behalf. This will typically include maintaining the contracts database and dealing with contract queries within a contracted timeframe, producing management information on renewals, early payment discounts and late payment penalties and making management aware of savings opportunities. For example, there may be opportunities to save money by changing the terms, consolidating suppliers and contracts, stopping parts of a service that are no longer needed, renegotiating or realigning a contract.
In addition, Quantum Plus could hold supplier service review meetings on your behalf, provide information on spend by supplier and contract against budget, report actual level of service provided against targets and license management.
what to do next
If you would like to find out more about Vendor Relationship Management services from Quantum Plus call us on 01789 201630 or send an email to
Whether you are Outsourcing or Insourcing we will add value to you and your business.
