The Key to Successful Vendor Performance Management: The Power of Team Composition
Introduction In today’s fast-paced business world, companies rely heavily on vendors and suppliers to deliver high-quality goods and services. However, managing vendor performance can be a daunting task, especially for large organizations with multiple vendors. According to a study by the Aberdeen Group, best-in-class companies are 2.5 times more likely to have a formal vendor performance management (VPM) process in place. One crucial aspect of VPM is team composition. In this blog post, we’ll explore the importance of team composition in vendor performance management and how it can make or break your VPM efforts. ...