To be effective at vendor management, we embrace these philosophies:
- Value through partnerships. We increase value through partnerships with other organizations.
- Collaborative partnerships. We seek to build collaborative partnerships with other organizations, even when those organizations are our competitors or competitors to each other.
- Mutually beneficial partnerships. We seek to build, maintain, and evolve mutually beneficial relationships with our suppliers and partners.
- We co-create with our partners. We co-create throughout the entire vendor management life cycle, including procurement. This means that we may even have both our own experts and vendor experts actively involved in the procurement process.
- We are trusted advisors. We are a trusted advisor inside the organization to present and guide both supplier and partnering options.
- Organizational outcomes come first. We pursue organizational outcomes over local process conveniences, working in an enterprise aware manner.
- We protect our organization. We have a fiduciary responsibility to protect the organization.
- We address risk holistically. We address risk in an appropriate, proactive, and holistic manner.