What is a Strategic Vendor Relationship Plan?
A strategic vendor relationship plan outlines the strategies and objectives that an organization should take to maintain and build relationships with their key vendors and suppliers. The plan should include measurable targets, objectives, and actions that can be tracked and monitored to ensure the desired results are achieved.
What's included in this Strategic Vendor Relationship Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Strategic Vendor Relationship Plan template for?
This strategic vendor relationship plan template is designed for organizations of all sizes who wish to outline plans for building and maintaining strategic relationships with key vendors and suppliers. This template will help you define clear focus areas, set measurable targets, develop action items, and track progress toward your objectives.
1. Define clear examples of your focus areas
Focus areas are the major objectives of the vendor relationship plan. Examples of focus areas could include Establishing Vendor Relationships, Tracking Vendor Performance, or Maintaining Vendor Relationships. Each focus area should have a number of objectives that can be broken down into measurable targets, action items, and projects.
2. Think about the objectives that could fall under that focus area
Objectives are specific measurable goals that you would like to achieve within a given focus area. Examples of objectives could include Creating a Vendor Database, Developing Vendor Agreements, Evaluating Vendor Performance, or Analyzing Vendor Performance.
3. Set measurable targets (KPIs) to tackle the objective
KPIs, or key performance indicators, are measurable metrics that help you track progress towards objectives. Examples of KPIs could include an increase in vendor database size, an increase in vendor agreement completion rate, or an increase in report accuracy.
4. Implement related projects to achieve the KPIs
Projects, or actions, are specific initiatives that need to be completed in order to achieve the desired objectives. Examples of related projects could include researching and compiling vendors, creating and negotiating agreements, or regularly reviewing performance.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform is a software solution that helps organizations track and manage their strategic plans. With Cascade, you can quickly and easily create, update, and track progress on your strategic vendor relationship plan, allowing you to see faster results from your strategy.