Revamping Vendor Management: A Strategic Approach
Third-party vendors provide vital goods, services, and expertise that organisations rely on. With average companies dedicating over a third of their expenses to external vendors, it is transparent that vendor relationships need to be strategically managed. However, many organisations still take an ad hoc, reactive approach to vendor management. This leads to inflated costs, performance issues, and elevated risks. Organisations must rejuvenate vendor management into a proactive, centralised strategic function to gain competitive advantage and operational excellence. By implementing a proactive vendor management approach, organisations can reduce costs, improve performance, and mitigate risks.
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