Vendor management: How to deal with vendors effectively in an apartment society?
What is vendor management?
Vendor management refers to services which are catered to the apartment societies in order to reduce the costs, improve the vendor performance and identify and manage the risk. Basically this refers to constantly work with the vendors in order to come to agreements that will mutually benefit both the vendor and the consumer. It is very important that one questions the vendors in order to understand their side of the business and maintain a good rapport with them.
Over the past few years, there has been an increased usage of the vendor management system and about 63 per cent of the apartment societies and companies opt for a vendor management system.
How to deal with vendors/third parties?
- To deal smartly with a vendor, one has to be an eloquent talker.
- One has to make their expectations clear.
- One has to provide all the necessary information at the right time which will allow the vendor to provide better services.
- One should give a certain level of commitment to the vendor.
- One has to get to know the vendor on a personal level.
- One has to propose arrangements that are mutually beneficial.
- One has to avoid vendors who seem cheap.
- One has to allow key vendors to help you strategise.
What are the advantages of a vendor management system in an apartment society?
- Transparency/visibility
- Control of Costs
- Identifying the vendors who are more appropriate
- Vendor Management Services keep the purchaser/vendor relationship balanced and both companies goals aligned.
- Vendor management will focus quality for the money that is paid.
- One should maintain the benefits of a long term relationship.
- Managing the transition from one vendor to another
- Vendor performance will be enhanced by the regular reviews.
How can one request a quote for a vendor?
- Visit http://www.commonfloor.com/services
- Pick the service from the List
- Fill up the service request form
- Get best quotes from recommended vendors!
