A solution from a vendor have already been identified to make itself into the organization. What is the best approach to handle the complete service model?

Hi Guys,

The approach and considerations for vendor management depends on the organization, its size, its formality culture, the type of vendor, and the need at hand.

I would suggest you first start by determining if you organization has existing vendor management standards and guidelines which you might need to adhere to as you interact with the vendor.  If there isn't a vendor management group, you should reach out to the legal group.  Setting up a vendor relationship often involves a legal agreement outlining key responsiblities on both sides of the relationship.

At the high level, here are the areas you need to consider (in no specific order):

• Vendor Due Diligence - to address any risks associated with the financial and business viability of the vendor

• Data Storate - Will the vendor store any of your company's or customer's data?  What security they have in place?  Who has access to the data?  How is data protected from being lost? 

• Vendor Services - What are the services or product the vendor is providing?  What are the SLAs associated with the services provied by the vendor?  What are the costs?  What services will not be provided by the vendor?

• Vendor Interactions - How will you communicate with the vendor?  How is that communication to be documented?

• Contingency Planning - What will happen if the vendor is affected by a disaster?  What happens if the vendor goes out of business (who owns their work, software, product)?  Any licensing needed to be granted to you by the vendor?

Hope this helps.

Adrian