Create Value from Vendor Management Initiatives

Fast, measurable results can be achieved within the first 100 days.

IT leaders often struggle to create vendor management initiatives because they either lack the knowledge or don’t have time to identify the short-term gains needed for the foundation for long-term strategy and sustainable success.

How it works

Vendor management must be part of your IT strategy and budget. Vendor management initiatives focus on maximizing the return on investment of your vendors by tracking, capturing, and reporting value created. The business value created from your vendor management initiative is demonstrated through reporting improvements or savings in money, performance, time, and reducing risk. Additionally, vendor management initiatives develop capabilities that ensure vendors deliver services according to service level objectives and mitigate risks according to the organization's risk tolerance.

Outcomes

• Focuses investment and efforts on areas where they can deliver the best return and, most importantly, your business on the vendors
• Provides visibility into your IT vendor community
• Transparency for how much you spend with each vendor
• Effective cost management and increased net profits
• Standardized processes for transitioning in new vendors
• Identifies areas of improvement for assessing vendor risk