3rd Party Toolbox – Vendor Value Management
Vendor Value Management (VVM)
“Price is what you pay, Value is what you get for your money” – Warren Buffet
Boards and Senior Management want to know what their significant vendors bring to the relationship beyond their contractual commitments. Are they collaborative business partners who are in it for the long term or are they just another vendor who does the minimum required by the contract?
Vendor Value Management (VVM) is the process used to quantify the intangible qualities the vendor brings to the relationship that help you succeed in achieving strategic objectives, adapting to new business challenges and changing market conditions, and identifying and driving new value-creation opportunities. The Vendor Value Assessment scorecard includes the following pre-configured and fully editable components:
3rd Party Toolbox (3PT) Vendor Value has adapted the Balanced Score Card approach to vendor management. Combined with the 3PT SLA and KPI assessment, it provides powerful insight into overall vendor performance and value, helping you determine which vendors are giving you the most for your money. Quickly and easily view the worth of your vendors:
- Across the entire vendor inventory
- Within vendor categories
- Per vendor