Growing Vendor Management as a Sustainable Business Process with Automated Vendor Management Systems

Vendor management, by its nature, is a broad-ranging business process that crosses many organizational boundaries, including Sourcing, Procurement, Risk and Compliance, IT, Information Security, Disaster Recovery Planning, Finance, and Accounting, Retail and Operations groups.

 

The development of vendor management into the multifaceted business process it is today was enabled by the maturity of sourcing as a strategic business discipline. Sourcing taught organizations to control costs and set expectations for vendor performance on the front end of the relationship – during the vendor selection process. Vendor management evolved by necessity because of the need to monitor contracts, track service level agreements, and ensure that the services and performance that were negotiated were being realized.

 

 

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