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Vendor List

Learn about vendor lists, tools for cataloging vetted suppliers and service providers in facilities management, streamlining sourcing, and managing risk.

Jonathan Haney headhsot
Jonathan Haney

Senior Director, Marketplaces

Modified on

August 28, 2024

What is a Vendor List?

A vendor list is a compilation of suppliers and service providers that a company uses or has vetted for potential use. In facilities management, a vendor list is an essential tool that catalogs all the third-party companies that provide goods and services relevant to the maintenance, repair, and operation of a facility. It serves as a resource for facilities managers to quickly find and engage with suitable vendors for various tasks.

Vendor List Details

The vendor list typically includes:

  • Vendor Names and Contact Information: The basic contact details of each vendor, including names, addresses, phone numbers, and email addresses.
  • Services or Products Offered: A description of the services or products that each vendor provides.
  • Pricing Information: Standard pricing or rate cards for goods and services, if available.
  • Performance History: Records of past performance, quality of work, and reliability.
  • Contractual Terms: Summary of key contractual terms, including payment terms, service level agreements, and contract duration.
  • Certifications and Compliance: Information on each vendor’s certifications, insurance, and compliance with relevant regulations.

Vendor List Functions in Facilities Management

A well-maintained vendor list serves several important functions:

  • Streamlined Sourcing: Facilities managers can quickly identify and contact vendors for quotes or service requests.
  • Risk Management: The list helps diversify the vendor pool, reducing the risk associated with over-reliance on a single supplier.
  • Performance Tracking: By documenting vendor performance, facilities managers can make informed decisions about which vendors to use for future projects.
  • Budgeting and Cost Control: Access to pricing information aids in budget planning and cost analysis.

Creating and Managing a Vendor List

Developing vendor lists involves:

  • Research and Vetting: Conducting due diligence to ensure that approved vendors meet the company’s standards for quality and reliability.
  • Regular Updates: Keeping the list current with new vendors, updated contact details, and revised pricing.
  • Vendor Evaluation: Periodically reviewing and assessing preferred vendors based on their performance and compliance.

Best Practices for Vendor List Management

Effective vendor list management can be achieved by following best practices:

  • Categorization: Organizing vendors by service category, location, or other relevant criteria.
  • Accessibility: Ensuring that the vendor list is easily accessible to all relevant team members, often through a centralized digital platform.
  • Prequalification: Including only prequalified vendors that have passed a thorough vetting process.
  • Dynamic Updating: Regularly adding new vendors and removing those that no longer meet the company’s needs or standards.

A vendor list is a strategic asset in facilities management, providing a ready resource of reliable vendors that can help ensure the smooth operation of a facility. By effectively managing their approved vendor list, facilities managers can save time, reduce costs, and improve service delivery, contributing to the overall success of their operations.

Frequently Asked Questions (FAQs)

What is a preferred vendor list?

A preferred vendor list is a curated selection of all the vendors that a business has vetted and approved for regular use. These current vendors have demonstrated reliability, quality, and compliance with the company’s standards. Preferred vendor lists help streamline procurement processes, ensuring that the business consistently works with trusted partners and reducing the risk associated with new or unverified vendors. Existing vendor lists are often reviewed and updated to maintain high standards and adapt to changing needs.

How does a vendor list help with vendor management?

A vendor list helps with vendor management by providing a comprehensive and organized record of all approved vendors, including essential vendor details. This list facilitates better vendor relationships by ensuring consistent communication and expectations. It also helps in monitoring service quality, as businesses can easily track performance and compliance, leading to more informed decision-making and effective management of vendor relationships.

What is an approved supplier list?

An approved supplier list is a catalog of suppliers that have gone through a rigorous approval process and met specific criteria set by a company. These suppliers are deemed reliable and capable of meeting the company’s standards for quality and service. An approved supplier list is similar to preferred vendor lists, providing a streamlined way to ensure that only trusted and verified suppliers are used, reducing risks and improving procurement efficiency.

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