Kelsey, I always try to maximize any effort. To that end, we tend to put a lot of work into vendor selection. I try to make sure we have two vendors in every final round and negotiate with both to make sure I keeping everyone honest. Of course, one vendor wins and one comes in second. I like to hold onto the second choice vendor as a backup to the winner.
If you haven't done that, I would revisit the vendor selection process using a CHAMPION vs. CHALLENGER strategy and see who your back or alternate vendor for each of your critical vendors would be if you had to choose today. I know it seems like a great deal of work. I encourage everyone to use the champion vs. challenger at least every three years just to be sure the champion is giving your organization the best deal. I'm constantly surprise at how many time the champion give the organization a much better deal to avoid loosing the organization's business.
If anyone has a different methodology, I like to hear it, if you care to share.
Original Message:
Sent: 08-14-2020 02:10 PM
From: Kelsey Bartiss
Subject: contingency planning
We are working on refining our contingency planning for our critical vendors, in case we ever need to switch for any reason. Does anyone have a form, spreadsheet, outline, etc. they really like for their potential "backup" vendors?