Vendor Manager

A vendor manager manages the interaction between the company and its suppliers. They handle these connections from the contract's start through the sales process and afterward if a financial analysis may be tactically useful.

Some of the job profiles in this domain are:-

• Vendor Management Associate - Keep in constant contact with relationship teams, vendor customer service, and other crucial contacts.
• Vendor management Specialists- They serve as a point of contact for internal organizations and service suppliers.
• Vendor Management Analyst - Work with the finance departments and provide financial statistics for the annual budget.
• Vendor Management Executive - This individual would regularly communicate with the vendor manager and the vendor's account executive to review the contract's status.

The main roles and responsibilities of a vendor manager include the following:

• Research available vendors to decide which vendors offer the best pricing and product quality, evaluate existing vendor management programs and identify practices to improve them.
• Continuously monitor sales trends to distinguish which products are more popular than others, establishing standards to assess the performance of approved vendors.
• Develop and maintain long-standing associations with company-approved vendors, meeting with suitable vendors to assess products, inquire about services, negotiate prices, and communicate product or service-related concerns.
• Conducting interviews with new vendors and informing authorized vendors of their responsibilities and duties.

Below are the educational requirements for the Vendor Manager :

• Must have a Bachelor’s degree in Business Management, Business Administration, Supply Chain Management or equivalent
• Prior work experience in the Logistics department or as a Vendor Manager

In the vendor manager role, you learn how to maintain a sustainable relationship between the organization and vendors. From years of experience, you understand how to handle problematic situations with leadership quality which automatically adds to becoming a Senior Vendor Manager. They oversee the contract process and resolve all the conflicts with a positive outcome. This work exposure can automatically lead you to high stake positions like Vendor manager Director, whose role is to drive a team of managers responsible for all functions, from managing vendors to paying the bill by monitoring all the operations. Some of the alternative job roles are :

• General Manager: Oversees all aspects of business operations, ensuring efficiency and profitability.
• Operations Executive: Manages and optimizes operational activities, ensuring smooth processes and high productivity.
• Order Management Specialist: Handles order processing and logistics, ensuring accurate and timely delivery of products.
• Material Management Lead: Oversees inventory and supply chain processes, ensuring efficient material flow and cost management.

Despite the BLS's prediction that purchasing professionals' employment will decline between 2016 and 2026, purchasing managers are expected to have a 5% growth and 4,000 new positions during that decade. In India, a vendor manager makes an average yearly pay of ₹5.5 lakhs, ranging from ₹2.8 lakhs to ₹30 lakhs. Employees who work as Vendor Managers in Gurgaon, Haryana, make 97.5% more money than typical Americans. These occupations are paid higher salaries than the national average in Bangalore and Karnataka (20.6% more).