Did you know that many companies struggle with managing their third-party service (or product) providers?
At times, this task may seem like you have to jump through so many hoops: choosing your suppliers from the infinite businesses out there; sustaining an effective vendor relationship.
Here's where the role of the helpful, vendor manager comes in.
Vendor management skills show you're able to coordinate and cooperate with third-party (product or service) providers.
Your work would involve building mutually beneficial relationships with suppliers to turn a regular business transaction into a long-standing partnership.
And it all starts with a meticulous analysis of the vendor offer (with a focus on features and pricing), risk and security, compliance, etc.
Vendor management is one of those skills that employees really appreciate in various roles.
Make sure you include it on your resume with concrete examples.
In the next section of our guide, find out:
Why is vendor management wanted by recruiters on your resume?
Vendor relationships affect the whole business, and that's why recruiters are always on the lookout for experienced professionals.
When third-party service providers are managed effectively, the organization not only benefits financially.
Effective vendor relationships help businesses safeguard one of their most important resources: time.
Vendor managers deal with contract negotiations and evaluations of the product and services.
This is to ensure that the organization is making the most out of the relationship with its third-party providers.
Another reason why vendor management is important - experienced professionals can create strong relationships in the supply chain: based on professionalism and trust.
This means that third-party vendors will be more willing to assist with the implementation of their products or service company-wide.
What skills, activities, and accomplishments help you highlight your vendor management
Vendor management entails a versatile skill set within your experience and achievements. Some of the most popular ones that show your proficiency are:
Negotiation Skills: experienced vendor managers know that negotiation isn't just bargaining prices. They want to reach a win-win situation, where the contract terms are in good faith and beneficial for both parties.
Within your resume, demonstrate how you've negotiated contracts to increase profit margins and build a more sustainable relationship with service providers.
Financial Analysis Skills: vendor managers should assess their current third-party providers on a regular basis. This analysis is to realize if the company is making the most out of its product or service, in accordance with the budget.
Your resume is the perfect opportunity to show why you've decided to switch to a particular service provider, either to cut costs or get a better service.
Decision-Making Skills: have you ever considered how many businesses offer the same service/ product? When choosing vendors, managers take into consideration organization-wide priorities (from budget to necessity).
Logical-based decision making holds an important place on recruiters' checklists. Don't forget to include instances where your choices have positively impacted your organization's profits.