Over the last year, EP has been very supportive of the Vested approach for outsourcing. Yesterday the Vested website has been launched.
VestedUK, a new organisation spearheading the Vested contracting model has launched, which will offer support to facilities management and hospitality businesses, and those looking to work in a more collaborative way with their supply chain or service provider.
A collaboration between licensed Vested partners Litmus Partnership and Neller Davies, two of the leading catering and facilities management consultancies and main advocates of the model, VestedUK will also be supported by European Vested champions Valerie Bonnin of Incendium and Hugh Williams of EFESO.
The Vested model is changing the way relationships between businesses and their service providers look and feel. Instead of traditional agreements that focus on the success of the contractual relationship, Vested focuses on well-constructed agreements between two parties that result in positive collaborations and better outcomes for everyone involved.
Nigel Forbes, Managing Partner at The Litmus Partnership, said: “I went to the US to study the Vested Outsourcing and Collaborative Contracting concepts at The Haslam College of Business, University of Tennessee, where Vested Founder Kate Vitasek is based, and was completely inspired by the approach. Often when we work with organisations to help solve issues with service providers, the problems come back to how the relationship was set up in the first place.
“Traditional business relationships are focused on win-lose arrangements where one party benefits at the others expense. In contrast, Vested creates a win-win relationship in which the parties are equally invested in each other’s success. I’m thrilled to be able to be at the forefront of helping UK organisations harness this approach and change the way they do business with their service providers.”
Julian Fris, Founder & Principal Consultant at Neller Davies, added: “For me, Vested is the future for outsourcing as it recognises that service failure is not an option. Adversarial relationships built on carrot and stick performance-based contracts often result in higher costs and losses, poorer performance and productivity and ultimately the loss of customers and revenue. This is not what good business is about.
“Many talk about Vested without realising its true potential just by parties sitting down together and co-creating a deal based on five business rules rooted in true collaboration, incentivisation and reciprocity.
“It takes a leap of faith as you have to implicitly trust each other, but we’re here to help. Once you discover that you have a lot in common and realise that you share clear objectives then the opportunities can be phenomenal. I am delighted to be a part of promoting this concept and look forward to celebrating in the results of better business relationships.”