Vendor Management Executive Interview Questions and Answers

Managing vendors requires clear communication, defined expectations, and ongoing evaluation.

• Establish clear communication channels and expectations from the outset

• Define key performance indicators (KPIs) and regularly evaluate vendor performance

• Maintain open lines of communication to address any issues or concerns

• Regularly review contracts and agreements to ensure they align with business needs

• Consider implementing a vendor management system (VMS) to streamline processes

• Devel...read more

New vendors can be found through various methods such as referrals, online directories, trade shows, and industry associations.

• Ask for referrals from current vendors or industry contacts

• Search online directories such as ThomasNet or Alibaba

• Attend trade shows and conferences to meet potential vendors

• Join industry associations and network with other members

• Use social media platforms like LinkedIn to connect with vendors

• Utilize procurement software that has a database of pre-vet...read more

The Tcode to raise PR and PO is ME51N and ME21N respectively.

• ME51N is used to create a Purchase Requisition (PR)

• ME21N is used to create a Purchase Order (PO)

• Both Tcodes are used in SAP MM module

I have over 10 years of experience in vendor management, including negotiating contracts, monitoring performance, and resolving issues.

• Negotiated contracts with vendors to ensure favorable terms for the company

• Monitored vendor performance to ensure compliance with service level agreements

• Resolved issues and conflicts with vendors in a timely and effective manner

• Implemented vendor scorecards to track performance metrics and identify areas for improvement