Problems include not knowing the exact services you have, SLA’s for providing the service and whether or not you’re paying too much. Recognizing the “whether or not” in itself is an enormous problem and a difficult task. However, there are unique service offerings and software based toolsets which companies can take advantage of to fully understand their current vendor environment.
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.