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.
Vendor management challenges
For companies with a large supplier base, and/or a complex geographical footprint, it can be difficult to gain a centralized view of the vendors used by a company. Challenges can arise throughout the different stages of the vendor management process, from getting the right documentation from vendors to carrying out any necessary risk assessments. It’s therefore important to adopt suitable processes and tools to avoid any issues.
Outsourcing services through experienced third-party vendors allows you to:
- Improve the quality of your services
- Increase operational or financial efficiencies
- Reduce your costs
- Expand the availability of your services
- Accelerate service delivery
- Focus on your core business functions
- Vendor Management Helps You Reduce Risk
A seamlessly integrated vendor will, for all intents and purposes, be an extension of you. It’s important that they act on your behalf in a manner that makes you look as good as you would yourself. However, outsourcing this talent doesn’t come without risk, and unfortunately risk is the one thing you can’t outsource. Ultimately, you will be held responsible for anything done by a third-party on your behalf.
ProcureAI is a unique vendor management system that connects vendors with businesses. Our solutions follow the traditional vendor lifecycle viz Sourcing, Procurement, Contracting, Onboarding, Procure to Pay and Optimisation.
This allows organizations to optimise their policies and procedures, improve their governance and stakeholder management and derive meaning insights from analytical reporting to shape their strategy. Contact us today for all your vendor management requirements.