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Implementation of IT Vendor Management - Assignment

   

Added on  2021-04-21

4 Pages782 Words33 Views
Running head: IMPLEMENTATION OF IT VENDOR MANAGEMENTImplementation of IT Vendor ManagementName of the StudentName of the UniversityAuthor Note

IMPLEMENTATION OF IT VENDOR MANAGEMENT1Question: As an IT leader, how would you approach managing the IT vendor relationship?What are the risks and the result?The IT industry outsources many services that costs almost half the budget of individualprojects. Therefore, IT vendor relationship is an important aspect that I would like to addresshere. There are six steps that I would utilize to manage a healthy relationship with the vendors.A detailed and vendor specific strategy must be developed that not only fulfils the needsof the organization but also that of the vendor. Every vendor is and the product orservices they are offering is unique (Bullen, LeFave & Selig, 2017). Thus, separate plansmust be designed for individual vendors. These plans will include transparency, honestyand involving them in the process. Integrating honesty and transparency would aid indeveloping mutual trust between the organization and the vendors as they would work inalliance to achieve their goals and objectives. Organizations usually do not take the helpof the vendors in the problem-solving process. However, they can be very creative whenit comes to providing solutions to different problems.The vendor selection criteria must be identified and established by the stakeholders asthis list would determine the standards of the vendors participating in the biddingprocess. Selecting the right criteria reduces any form of biasing towards vendors and itwould also provide an opportunity to work with vendors who respect and align with theorganization’s ethical values.A bid document must be created to standardize the bidding process. This document isformal in nature and it aids in documenting the process of Request for Quotation (RFQ),Request for Information (RFI) or Request for Proposal (RFP). The questions that areaimed at selecting the vendors in the bid document must be carefully designed to

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