In some earlier posts, I had talked about the basic Vendor Management processes, including a workflow:
Vendor Management itself has more to it. To list a few other areas:
- Vendor Contract Management
- Vendor analysis and reporting
- Query Management
- Payment Settlement
- Vendor Account reconciliations
Vendor Contract Management
Vendor Contract Management related work for a back office / outsourcing unit can again range from simple to complex. On the simple side, it can comprise of uploading the contract and its terms into the ERP system. This will be more of a transactional process, as no decision making and judgment will be involved here. In some cases, this layer may include simple drafting support for various contracts.
At the next level, the renewal tracking and validity audits will be in vogue. At the highest level, contract terms negotiations, market term analysis and negotiations, contract execution and other similar areas will be done by specialized resources in the shared center.
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