A Business Approach to Managing Vendors

by David N. Rasmussen

Historically, many companies have dealt with vendors as suppliers of tactical products and services, driven primarily by requirements for various tools, components, and/or services to support various business operations. When a business initiative required specific functionality or performance as part of a more complex solution, project managers typically selected those products and services with which they were familiar, and made purchase decisions based on tactical parameters such as price and delivery. Rarely were vendors selected based on more strategic considerations such as long-term contributions to shareholder value.

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A Business Approach to Managing Vendors15 January 2006