IT Vendor Management Analyst II

Last Updated:
June 29, 2023

Job Description Overview

As an IT Vendor Management Analyst II, your main responsibility is to maintain strong relationships with vendors who provide IT services to your company. You will act as a liaison, working with internal departments to ensure that IT vendors deliver on their contractual obligations. You will regularly assess vendor performance to identify areas of improvement and address any issues that arise. A critical aspect of this job is to negotiate vendor contracts to ensure that they are favorable terms, pricing, and service levels. Additionally, you will manage vendor onboarding, offboarding, and the ongoing vendor management process. You'll keep accurate records, analyze vendor-related data, and report on performance metrics to key stakeholders. You should have excellent communication and interpersonal skills to work effectively with various departments and vendors. To qualify for the IT Vendor Management Analyst II job description, you need a bachelor's degree in IT, business, or a related field, plus relevant experience in vendor management.

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Job Duties and Responsibilities

  • Responsible for assessing and managing IT vendors to ensure quality services and products are delivered on time and within budget.
  • Analyze vendor performance, identify areas of improvement and develop strategies to help vendors meet performance targets.
  • Collaborate with stakeholders to establish contractual terms and conditions, including delivery schedules, payment terms and performance guarantees.
  • Conduct research and evaluate potential vendors to identify best-in-class solutions that meet business needs and align with organizational goals.
  • Manage vendor relationships and partner with cross-functional teams to ensure timely delivery of products and services.
  • Monitor vendor compliance with legal and regulatory requirements, and work with legal teams to ensure contracts comply with established standards.
  • Review and approve vendor invoices and expenses to ensure compliance with contractual terms, and negotiate pricing and terms when necessary.
  • Collaborate with IT teams to evaluate vendor performance against established KPIs and identify areas for improvement.
  • Manage vendor risk and ensure vendors comply with established security protocols and data privacy regulations.

Experience and Education Requirements

To become an IT Vendor Management Analyst II, you need a mix of education and experience in the Information Technology industry. Typically, you'd need a Bachelor's degree in Computer Science or a related field, but some employers may accept an equivalent degree in business or engineering. In terms of experience, you'd need at least 3 to 5 years of experience as an IT Vendor Management Analyst, preferably in a mid to large-sized organization, where you demonstrated your knowledge of IT vendor management best practices, contract negotiation, and procurement processes. As an analyst, you'll be responsible for analyzing vendors' performance, managing contracts to ensure compliance, and keeping track of service level agreements. It's a challenging but rewarding career for anyone passionate about IT and vendor management.

Salary Range

If you're curious about the salary range for an IT Vendor Management Analyst II in the United States, the expected income is $66,000 to $98,000 per year. This amount can vary depending on experience, location, skills, and education. For instance, a professional with three to five years of experience can earn around $74,000, while someone with more than ten years in the field can exceed $100,000 annually.

In other countries, the salary range can differ significantly. For example, in Canada, IT Vendor Management Analyst II's make between CAD 60,000 and CAD 85,000 per year, whereas in the UK, the range is between £30,000 to £65,000 annually.

Sources:

https://www.payscale.com/research/US/Job=ITVendorManagement_Analyst/Salary

https://www.glassdoor.ca/Salaries/it-vendor-management-analyst-ii-salary-SRCH_KO0,30.htm

https://www.totaljobs.com/salary-checker/average-it-vendor-management-analyst-ii-salary

Career Outlook

If you're interested in a career as an IT Vendor Management Analyst II, the outlook looks promising. According to the Bureau of Labor Statistics, employment in computer and information technology occupations is projected to grow 11% from 2019 to 2029, much faster than the average for all occupations. This is due to the increasing demand for technology solutions in various industries.

Moreover, Vendor Management Analysts are becoming more crucial to companies that rely on external vendors for IT-related services. With the rise of cloud computing and the adoption of software-as-a-service (SaaS) solutions, it's vital for companies to manage their vendors effectively. A Vendor Management Analyst's role is to ensure that vendors meet contractual obligations and provide quality services.

In conclusion, the IT Vendor Management Analyst II outlook is looking good, with job growth expected to remain strong in the next five years. The demand for their specialized skills and knowledge is increasing, making this a great career path to pursue in the IT industry.

Frequently Asked Questions (FAQ)

Q: What does an IT Vendor Management Analyst II do?

A: An IT Vendor Management Analyst II is responsible for managing relationships with third-party vendors who provide goods and services to the company.

Q: What skills are required for this job?

A: To be an effective IT Vendor Management Analyst II, you should have experience with vendor relationship management and a solid understanding of IT systems and technology.

Q: How much experience is needed to become an IT Vendor Management Analyst II?

A: Most employers require at least 3-5 years of experience in vendor management, IT procurement, or a related field.

Q: What are the typical job duties of an IT Vendor Management Analyst II?

A: This role involves managing vendor contracts, negotiating pricing and service level agreements, monitoring vendor performance, and resolving any issues that may arise.

Q: How much do IT Vendor Management Analyst II's earn?

A: The average salary for an IT Vendor Management Analyst II is around $80,000 per year.


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