Certified Vendor Management Professional

Certified Vendor Management Professional assists organisations in making sound purchasing decisions. They monitor vendors to ensure the compliance with company’s policies and inform the vendors about their responsibilities. This professional certification will validate your skills for further career progression. Moreover, it will makes your academic records shine and enhance your resume

Roles and Responsibilities of a Certified Vendor Management Professional

Certified Vendor Management Professional play a key role in purchasing decisions for an organisation. They should be detail oriented and skilled in problem solving. Moreover, they must have sound decision making skills. Their responsibilities include:

To begin with, they must develop and sustain long-standing relationships with company-approved vendors.
Then, meeting with suitable vendors to assess their products, inquire about their services, negotiate pricing, and communicate any product or service-related concerns.
Further, conducting research on available vendors to determine which vendors offer the best pricing and product quality.
Also, continually monitoring sales trends to determine which products are more popular than others.
Additionally, implementing vendor selection programs to ensure that the best vendors are secured.
Likewise, conducting interviews with new vendors and informing approved vendors of their responsibilities and obligations.
Furthermore, establishing standards by which to assess the performance of approved vendors.
Lastly, evaluating current vendor management programs and identifying ways to improve them

Vskills Certified Vendor Management Professional Overview

Vskills Certification for Vendor Management Professional demonstrates your capability as per the industry’s standards. Vendor management involves various vendor related activities as researching and sourcing vendors, obtaining quotes with pricing, capabilities, turnaround times, and quality of work, negotiating contracts, managing relationships, assigning jobs, evaluating performance, and ensuring payments are made. This certification assess you in various areas of strategic management, sourcing strategy, purchase management, vendor evaluation, contract management, vendor negotiation, vendor selection and review, ethics in procurement and future developments.

Benefits of Vskills Certified Vendor Management Professional

The demand for Certified Vendor Management Professional has increased in the recent years. Given the highly competitive job market, earning a professional certification becomes a must to differentiate yourself from others. Moreover, becoming a Vskills Certified Vendor Management Professional will help you gain the following benefits:

Firstly, a Government verification tag
Also, the Certification will have lifetime validity.
Further, you will get Lifelong e-learning access.
Moreover, you get access to Free Practice Tests.
Additionally, You will get tagged as ‘Vskills Certified’ On Monsterindia.com and ‘Vskills Certified’ On Shine.com.

Exam Details

Exam Code: VS-1576
Duration: 60 minutes
No. of questions: 50
Maximum marks: 50
Passing marks: 25 (50%).
There is NO negative marking
This is an Online exam

Exam Process

Course Outline

This exam covers the following topics:

Strategic Management

What is Strategy
Organizational Strategy
Strategy Development
Strategic Management Process
Strategic Sourcing
Strategic Management Tools
Strategic Role of Purchasing
Procurement Portfolio Management
Kraljic Portfolio Purchasing Model

Sourcing Strategy

Sourcing Strategy Basics and Types
Low-cost Country Sourcing
Global Sourcing
Offshore Outsourcing
Outsourcing
Sourcing Advisory

Purchase Management

Objectives of Purchasing
Functions and responsibilities of Purchase Department
Methods of Purchasing
Purchase Organization Structure
JIT Purchasing
Agile Purchasing
Sustainable Purchasing
Green Purchasing

Vendor Evaluation

Supplier Strategy
System of Vendor evaluation
Parameters for evaluation of Vendors Performance
Social Audit
Total Evaluation
Guidelines for Purchases through Tender and Negotiations
Purchase Review
Analytical Tools

Contract Management

Contract Definition
Contract Elements
Indian Contract Act
Contract Management
Contract Lifecycle Management
Automating Contract Management
Change Management
Contract Compliance
Procurement and Contract Management
Purchase & Tender procedure
Commercial Disputes
Alternative Dispute Resolution Technique

Vendor Negotiation

Definition of Negotiation
Preparing for the Negotiation Process
The Seven Basic Steps in Negotiation
Negotiation Styles
Strategies for Negotiation
Best Alternative to a Negotiated Agreement (BATNA)
Approaches for Negotiation
Types of Negotiators
Tactics for Negotiation Process
Non-Verbal Communication
Emotions in the Negotiation Process

Vendor Selection and Review

Searching for suppliers
The Supplier Selection Process
Retaining and Developing the Supplier Relationship
Agreements and policies for protecting the company’s interests
Vendor Risk Assessment

Ethics in Procurement

What is Ethics?
Ethics and Procurement
Why Ethical
Ethical Concepts and Principles in Procurement
Unethical Practices Signs
Unethical Practices Prevention Tools
Ethical Procurement Requirements

Future Developments

Procurement Future Trends
Sustainable Procurement
Procurement Automation
Big Data and Procurement

Preparatory Guide: Certified Vendor Management Professional

The exam is one of the most essential credentials to include in your academic records. Achieving this certification brings wonders to your career opportunities. Therefore it important to kick start your preparations and have the knowledge of all preparatory resources. Don’t worry, we have done the tedious task of summarising the preparatory resources and here provide you with our study guide. Therefore, follow the Preparatory Guide to excel in this exam.

Master the Exam Objectives

First things first, you must start with the exam objectives. Familiarising with the Course Outline is important before beginning with your preparations. Additionally, you can tailor your study focus around these topics to ace your preparations. This exam covers the following topics:

Strategic Management
Sourcing Strategy
Purchase Management
Vendor Evaluation
Contract Management
Vendor Negotiation
Vendor Selection and Review
Ethics in Procurement
Future Developments

Vendor Management: An insider's strategies to win and create long lasting change by [Agostino Carrideo]

The Vendor Management Office: Unleashing the Power of Strategic Sourcing by [Stephen R. Guth]

Study the Traditional way through Books

Preparations for an exam are incomplete without books. Books have been a golden resource to prepare for this exam. They help in understanding the exam concepts by providing in depth explanations. Moreover, they offer real life business examples to provide better clarity. You should definitely include the following books to supplement your learning process:

The Vendor Management Office: Unleashing the Power of Strategic Sourcing by Stephen R. Guth
Vendor Management: An insider’s strategies to win and create long lasting change by Agostino Carrideo
Supplier Evaluation and Performance Excellence: A Guide to Meaningful Metrics and Successful Results by Sherry Gordon

Choose your Learning Resources Wisely

Passing the exam can be easy if you have access to the right set of resources. Make sure the content is precise and reliable enough. The resources that you’ll pick will determine how well you prepare and pass the exam. Hence, you need to be very careful while choosing the preparatory resources. Vskills offers its own E-Learning and Study Material to help you prepare for this certification exam. These resources have lifelong access and are updated regularly. Also, they provide you with latest information and help you broaden your knowledge horizon.

Analyse your preparations with Practice Tests

Regardless of how you prepare for the exam, a practice test always helps you evaluate your preparations. These practice tests help you diversify your study strategy and ensure the best possible results. Analyzing your answers will help you identify the areas where you need to give special attention, and will also let you know your alignment with the exam objectives. Moreover, the best way to start doing practice tests is after completing the syllabus. Solving Practice tests can provide you with the confidence you need to be stress-free. Start Practising Now!