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.
Not only are most agreements written where they can be changed and modified at any time, but notification of the changes is your responsibility to keep track of. Who is responsible in your organization for keeping track of changes in provider contracts and agreements?
How can procurement and vendor management become more aligned with, and demonstrate its impact on, the main measures of business success? What impact does procurement make on a company’s sustainable shareholder value? This is a question that CPO’s face but few have been able to answer.
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.