Vendor Selection Disasters: 5 Failure Lessons to Learn From
Understanding the Importance of Vendor Selection Vendor selection is a critical process in procurement management that can make or break an organization’s success. According to a study by McKinsey, companies that excel in procurement management can achieve cost savings of up to 15% and improve their profitability by up to 20%. On the other hand, poor vendor selection can lead to significant losses, reputational damage, and even business failure. In this blog post, we will explore five failure lessons from vendor selection disasters, and what organizations can learn from them to improve their procurement management processes. ...