Your company starts to grow, and you need more technology to keep up with additional staff, customers and to help improve process. You are aware of the efficiencies and cost savings made possible by new technologies and are upgrading their infrastructures as a result.
But are you aware of How Purchasing more Technology can lead to Cost Creep?
How you manage vendors is up to you and your leadership team, but these 4 Reasons are only a sampling of the many reasons your business should have a vendor management solution in place.
Benchmarking is one of a manager’s best tools for determining whether the company is performing particular functions and activities efficiently, whether its costs are in line with those of competitors, and whether its internal activities and business processes need improvement.
An effective vendor risk management program will make your business safer and more secure. You’ll be able to identify and monitor current and future vendor risks while improving transparency in controls and related activities.