In my previous role, I encountered a vendor who consistently missed deadlines and provided subpar products. I initiated a series of meetings to understand their challenges and offered support where possible. I also implemented a performance improvement plan with clear metrics and timelines. Over time, the vendor's performance improved significantly, and we maintained a productive relationship.

I prioritize vendors based on several factors, including contract value, strategic importance, and performance history. I use a scoring system to evaluate each vendor on these criteria and then allocate my time and resources accordingly. For instance, vendors with high contract value and strategic importance receive more frequent check-ins and support.

I ensure compliance by conducting regular audits and performance reviews. I also maintain clear communication channels with vendors, providing them with detailed guidelines and expectations. Additionally, I use technology tools to track deliverables and deadlines, which helps in identifying any deviations early on. This proactive approach minimizes risks and ensures that both parties adhere to the contract terms.

When handling vendor disputes, I first seek to understand the root cause of the conflict. I then facilitate open and honest communication between both parties to find a mutually agreeable solution. If necessary, I involve higher management or legal teams to mediate. My goal is always to resolve disputes amicably and maintain a positive working relationship.

My process for selecting new vendors involves several steps. First, I identify the specific needs and requirements for the project. Next, I conduct market research to shortlist potential vendors. I then evaluate each vendor based on their experience, references, pricing, and alignment with our company values. Finally, I negotiate terms and conditions before making a final decision. This thorough process ensures that we select the best vendor for our needs.