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.

Steps to Vendor Life Cycle Management

With new technologies, business expansion and cost focus, the importance of vendor has increased dramatically in the past few years.

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.

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