Effective Vendor Selection holds the key to successful Vendor Management System (VMS)

According to Gartner, Vendor management is a “discipline that enables organizations to control costs, drive service excellence and mitigate risks to gain increased value from their vendors throughout the deal lifecycle.” Vendor management should enable organizations to select vendors suited for their business requirements, develop vendor contracts, manage and control vendor performance, and build a sustainable relationship for the long-term efficient business operations.

GRC and the Vendor Management Lifecycle

GRC helps in each progression of the vendor management lifecycle in an alternate manner. The assistance ranges from better visualization of information and reminders to complete automation.

How crucial is a Compliance Management System in your organization?

“Compliance management is the process by which managers, plan, organize, control, and lead activities that ensure compliance with laws regulations & standards.” With the consequences of failing to comply with laws, regulations, and standards having such a high potential cost, compliance is clearly a very big issue for businesses.

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