What is vendor management?
Vendor management helps organizations take third-party vendor relationships from a passive business transaction to a proactive collaborative partnership. While working with IT vendors can help ease the burden on IT, it also raises concerns, especially around data, risk and security. A sound IT vendor management strategy can help organizations determine which vendor best fits the company’s needs while keeping in mind relevant features, price, availability, risk and security, and compliance regulations.
As most organizations rely on multiple third-party vendors, complexities compound and juggling a large number of vendor relationships can quickly overwhelm an already-busy IT department. Plus, to ensure the best service, businesses should avoid falling into a trap where they stick with current vendors out of ease and convenience, even if the service, price, or features aren’t exactly what the company is looking for.
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Source: News