Vendor Management
Reduce your risks and make faster, smarter decisions by integrating vendor management with procurement processes and a supplier network.
Vendor management is the multistage process of initiating and developing relationships with providers of goods and services that a purchasing company ("the buyer") needs for day-to-day operations and the fulfillment of its mission. From the buyer's perspective, primary stages of vendor relationship management include:
Vendor selection: Using an up-to-date risk profile and qualifying and segmenting based on category, location, and business unit
Risk assessment: Performing risk due diligence based on the nature of your vendor engagement
Contract negotiation: Establishing terms and risk KPIs
On-boarding: With understanding of risk assessment and audit status
Managing performance and monitoring/mitigating risk: Utilizing a matrix-based, single view of vendor and a data-driven incident model
Vendor Management is a discipline that enables organizations to control costs, drive service excellence, and mitigate risks to gain increased value from their vendors throughout the deal life cycle.
How we Help
Visibility & control- Talent Acquisition
- Technology
- Cost Management
- Risk Mitigation
- Process optimization
Solution
- Contingent Workforce Advisory Services
- Managed Services Provider (MSP) Programs
- VMS Technology Advisory
- HR Advisory & Talent Acquisition
- Talent Pool Management
- IC Payment & Compliance
- Government & Public Sector
- SOW Management
Advantage
- VMS Expertise
- Service & Quality
- Vendor & Technology Neutral
- Flexible Solutions
- Access to Top Talent
- Negotiation & Cost Savings
Why vendor management is important for your business
Vendor management is crucial for the success of your business. To help you understand exactly why, we've outlined seven reasons why vendor management should be a top priority for your organization:
1. Mitigate risks
- To effectively reduce supplier risks, whether in terms of operations, unforeseen cost implications, or regulatory compliance, you need increased visibility. Vendor management can track your suppliers and provide the data you need to identify supplier risks so you can take the necessary steps to mitigate them, or choose an alternative vendor. You can easily verify supplier information, such as qualifications and certifications, track performance, and even look into the supplier's financials to get a broader picture of their risk level in order to protect your organization.
2. Optimize performance
- Once you have a supplier active in your vendor management system, you can track and measure performance against the contract to ensure that the company is meeting your needs and complying with your requirements. This will enable you to ensure optimal performance. The data you receive from tracking performance can signal challenges before they become problems and identify areas that may need improvements.
3. Reduce costs
- When you have increased visibility, you can see invisible costs that you can then better control in order to save on costs. Additionally, having strong relationships with your suppliers, due to effective procedures and processes thanks to vendor management, can help you to negotiate better rates and have access to discounts and incentives that can increase your profit margin.
4. Create loyal relationships
- Good vendors are hard to come by. If you're working with excellent suppliers, you should be doing everything you can to strengthen your relationships with them in order to build loyalty. With effective supplier management, you can ensure efficiency that lead to smooth processes, which can help you build the loyalty you need to keep your great suppliers as part of your supply chain for the long term.
5. Increase administrative efficiency
- Your vendor management program can significantly drive administrative efficiency. As a central hub for vendor master data and record keeping, this program can cut down on duplication of data, loss of contracts and other information, administrative labor costs, and errors. Having one central place for all of your vendor data can help you manage your relationships with heightened efficiency, which your suppliers will appreciate.
6. Increase on-boarding speed
- The time and resources it take to on-board new vendors can slow down your productivity and cost you money. But with supplier management, it's a breeze to obtain all relevant vendor information, such as bank details, capability information, regulatory data, and capacity details and input it into the system in a fast and error-free way for approval. The quicker you can onboard your vendors, the quicker you can move through the procurement process and receive your goods or services so you can put them to use.
7. Protect your brand
- Your company's brand holds a lot of value. You do not want to tarnish it due to the actions of an unprofessional or unethical vendor. A supplier management program can provide you with the information you need, such as a supplier's social and environmental standards, to reduce your risk of a serious incident stemming from a vendor's actions.
Are you looking for more information about vendor management? Contact Ventureworx Our team of contingent workforce and vendor management experts would love to answer any questions you have on the topic.
Digital Road Map for Vendor Management
VENTUREWORX Vendor Management Solution will provide you with tangible benefits for improving your supply chain.
Ever-Changing Advancements to Streamlining the Vendor Process
- Increases Return on Investment
- Automates Supplier On boarding
- Reduces Internal Resource Demands
- Expedites & Streamlines Dispute Resolution
- Facilitates Vendor Self-service
- Scalability & Adaptability that makes the most sense to you.
- Complete Administration Control and Security
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