Evaluate vendors to see if they're a perfect match for your company.
What does a Vendor Analyst do?
Regulations, guidelines, laws—it’s a jumbled mess when a company starts juggling multiple Vendors, also known as Suppliers, who must follow strict rules to ensure customer satisfaction and increased profits. These Vendors need someone to keep an eye on them, just like rowdy children need a parent. A Vendor Analyst is that “parent.” Vendor Analysts seek out profitable Vendors, and watch over them to make sure everyone plays fair.
In your day-to-day work as a Vendor Analyst, you review company policies, and talk with new Vendors to see if they’re worthy of being added to the list. Your decision rests on two factors. First, can this Vendor increase profits at my company? Second, how do customers feel about them? A Vendor may offer the cheapest prices, but if it’s ignoring customer complaints and cutting corners on safety regulations, then it’s not right for you.
At the opposite end of the spectrum are Vendors with shining track records but low profits. If the product isn’t selling, it holds no value for your business. That’s where the Analyst part of your job title comes in. You analyze and deduce which Vendors both play nice with each other and deliver a product that will fly off the shelves.
Between constantly reviewing current Vendors and researching potential Vendors to add to your company, you stay busy during the week. Even if you find the perfect Supplier for your company, you have to ensure they continue to produce high-quality products that consumers want. Without your constant reevaluation, the company would lose its focus and fall apart.