Supplier Management

Introduction In today’s fast-paced business environment, organizations rely heavily on external vendors to deliver goods and services that support their operations. Effective vendor management is crucial to ensure that these partnerships yield the desired outcomes. According to a study by Deloitte, companies that excel in vendor management can achieve cost savings of up to 15% and improve supplier performance by 20% (Deloitte, 2020). In this article, we will explore the basic principles of vendor management, a crucial aspect of procurement strategy. ...

Effective Vendor Management Best Practices: Why Monitoring and Alerting Matter In today’s interconnected business landscape, partnerships with third-party vendors are crucial for success. However, a recent survey found that 60% of companies experience significant problems with their vendors, resulting in lost productivity, revenue, and customer trust (Source: Deloitte). Effective vendor management best practices can make all the difference in preventing these issues and fostering a prosperous business ecosystem. In this article, we will explore the importance of monitoring and alerting in vendor management and provide actionable insights for implementation. ...