Vendor Registration Services
Vendor Registration Services
Increase Your Chances for Contract Opportunities
WHAT IS VENDOR REGISTRATION
Vendor registration is the process of collecting key information from outside suppliers of goods and services and entering that information into a system to manage the relationship. The registration system used is typically electronic or Internet-based, but can be handled through a paper process. Registration is used as a threshold requirement to separate vendors who are eligible suppliers and those who are not.
Businesses, institutions, and governments use outside vendors to supply needed goods and services that support operations or production. Vendors are an integral link in the supply chain and require management. As an outside party, a vendor has to be vetted to establish qualifications and experience before he can be considered a reliable supplier.
Each potential client has its own operational standards that drive the vendor qualification process. Some clients may handle confidential information or interact with high-profile customers. Other clients may deal with vulnerable populations that require licensing or background clearance. Vendors must meet the standards set by the client or the client’s industry, and adherence to standards must often be managed over the course of the relationship. Vendors are individuals or businesses that supply goods or services to other individuals or businesses. Vendor management is a term used to describe the process of finding, qualifying and doing business with vendors. Common activities include researching vendors, negotiating contracts, obtaining quotes, evaluating performance, creating and updating vendor files, and ensuring that payments are made properly.
Once a business determines that it has a need that must be outsourced, vendor management begins. The company must find one or more vendors that can supply the good or service needed and evaluate each vendor based on pricing, capabilities, turn-around time, quality of work, and company reputation. This process often entails requesting pricing, checking references, and researching the company through online resources. It may also include checking on the potential vendor’s financial stability, insurance, and certifications.
After vendors are selected, vendor management is a matter of managing a pool of vendors, assigning jobs or contracts as needs arise, monitoring vendor performance, and ensuring that contract terms are followed. In large companies, a vendor manager often has more than one vendor in the pool for each type of product of service. Certain vendors might be preferred, meaning that they are the first choice when a project arises. Others might be backup vendors, who will be called upon if the preferred vendor cannot accept a given project or fails to perform.
Informational Source: Wise Geek