What is vendor management?
Vendor management is a term that describes the processes organizations use to manage their suppliers, who are also known as vendors. Vendor management includes activities such as selecting vendors, negotiating contracts, controlling costs, reducing vendor-related risks and ensuring service delivery. Licensing Management also goes hand and hand with these agreements, so a proper licensing audit might be helpful to your business.
Why is vendor management important?
Vendor management is important for a number of reasons. For one thing, vendor management plays a key role when it comes to selecting the right vendor for a particular business need. In addition, companies can use vendor management to achieve business goals, such as harnessing opportunities for cost savings, as well as taking steps to speed up the onboarding process.
We work with the vendor to ensure the usage of products, negotiate to ensure the lowest costs possible, and oversight to hold accountable for missed deadlines.