You're a Vendor Management professional in a rapidly changing job market. How can you stay competitive?

1 Assess your skills

The first step to staying competitive is to assess your current skills and identify your strengths and weaknesses. You can use tools like the Vendor Management Competency Model (VMCM) or the Vendor Management Maturity Model (VMMM) to evaluate your level of proficiency in various aspects of Vendor Management. These models cover areas such as strategy, governance, sourcing, contract management, relationship management, performance management, and risk management. By assessing your skills, you can identify the gaps and opportunities for improvement.

3 Innovate your processes

The third step to staying competitive is to innovate your processes and find ways to optimize and streamline your Vendor Management activities. You can do this by using technology, automation, analytics, and artificial intelligence to enhance your efficiency, accuracy, and agility. You can also use frameworks, methodologies, and standards to improve your quality, consistency, and compliance. By innovating your processes, you can reduce costs, errors, and risks, and increase value, satisfaction, and trust.

4 Collaborate with stakeholders

The fourth step to staying competitive is to collaborate with stakeholders and foster effective communication and coordination among them. You can do this by identifying the key stakeholders in your organization and your vendors, understanding their needs, expectations, and goals, and aligning them with your Vendor Management objectives and plans. You can also use tools like stakeholder maps, RACI charts, and communication plans to clarify roles, responsibilities, and channels. By collaborating with stakeholders, you can build relationships, leverage synergies, and resolve issues.

5 Demonstrate your value

The fifth step to staying competitive is to demonstrate your value and showcase your achievements and contributions to your organization and your vendors. You can do this by defining and measuring your Vendor Management key performance indicators (KPIs) and key risk indicators (KRIs), collecting and analyzing data and feedback, and reporting and presenting your results and insights. You can also use tools like dashboards, scorecards, and case studies to visualize and communicate your value. By demonstrating your value, you can prove your impact, influence, and credibility.

6 Seek feedback and improvement

The sixth step to staying competitive is to seek feedback and improvement and continuously learn and grow as a Vendor Management professional. You can do this by asking for feedback from your managers, peers, customers, and vendors, and using it to identify your strengths and areas for development. You can also use tools like self-assessments, performance reviews, and coaching sessions to reflect on your performance and set goals and action plans. By seeking feedback and improvement, you can enhance your skills, knowledge, and confidence.