What happens if you suddenly lose your point of contact (POC) at a vendor? A POC is an individual or a specific department who acts as the coordinator for your organization’s business planning and projects with that vendor. A single point of contact (SPOC) may even be formally appointed to serve your organization’s needs.
You’ve put months or even years into establishing a working vendor relationship with a POC and now they’re gone. Maybe your old POC quit or moved on to a different role. Whatever the reason, your relationship with the vendor will change.
Let VendorInsight® help with this transition. The vendor risk management (VRM) solution has contract management tools to help you minimize disruption.
The Importance of a Working Relationship with the POC
Open communication and trust are critical for a healthy working relationship with the new POC. The simplest starting point is for your team to get to know the new POC.
First, what does the change in personnel mean for the vendor overall. Does the assignment of a new POC for your company signal any sort of operational or strategic shift within the vendor’s business model?
Then, confirm with the vendor’s upper management that the new POC is qualified for the role. Has this person managed other clients and projects similar to yours? If they don’t have this kind of prior experience, what will be involved in their training?
Finally, does this new person understand the spirit and letter of the original contract? Your expectations need to be met without any impact on services provided. Having complete contract details in your VRM can ensure that your team has the documentation to control the contract.
What if you and this new POC just aren’t connecting? You may take this opportunity to experiment with a new dynamic — multiple connections within the vendor organization. You won’t have to depend on a SPOC, and you’ll gain an expanded view of your vendor’s organizational structure and goals.
If things don’t work out, consider terminating the vendor relationship. You can plan for such contingencies during the initial contract staging — requesting personnel and staffing commitments in the contract and including that in your VRM program.
VendorInsight® Covers the Entire Vendor Relationship Lifecycle
VendorInsight® provides the toolkit you need to establish a strong working relationship with a POC — or to break ties with a vendor if necessary.
Manage contracts utilizing VendorInsight®’s functionalities for inputting contract terms, managing renewal dates and configuring alerts. You can eliminate any ambiguity. Record key milestones in your relationship as well as expectations and performance against KPIs.
VendorInsight® can also perform Business Continuity Planning/Disaster Recovery (BCP/DR) plan tests to determine if the vendor is prepared for a POC’s departure. Is there a backup plan for the period before the new POC is onboarded and comfortable in the position? Then VendorInsight® can monitor and track vendor performance metrics and specific SLAs to determine if a new POC is reflective of any greater enterprise-wide upheavals.
VendorInsight® covers the entire vendor relationship lifecycle. If you do decide to terminate the vendor relationship, VendorInsight®’s contract management and document storage and retrieval capabilities are valuable assets.
It’s critical that you manage vendor relationships, and that starts with the point of contact. Request a demo of VendorInsight® to learn how to prepare yourself for an evolving vendor relationship.