How Can Technology Improve Vendor Relationships2017-07-03T08:22:53-04:00

Project Description

How Can Technology Improve Vendor Relationships

Communicating with your vendors and internal customers can be both a positive and negative experience. When communication is flowing smoothly, people tend to feel better and productivity increases. However, when that communication resorts to nagging and pestering to track down information, it can spoil a normally positive relationship. In this case, technology can be a huge driver to easing that communication process.

Companies that have adopted vendor relationship management best practices are realizing a number of important benefits:

PROCESS IMPROVEMENTS

  • Streamlined vendor management processes to reduce internal costs
  • Improved ability to concentrate spend with “strategic” partners resulting in further leverage and efficiency
  • Greater vendor accountability for business results in reducing non-performance and improving recovery of non-performance costs
  • Performance visibility to allow for continuous improvement of vendor relationships

BENEFITS

  • Innovations and technology convergence resulting in 5% – 10% IT cost improvement
  • Improved multi-vendor operational alignment
  • Improved execution against delivery schedules and quality standards
  • Improved visibility and manageability of sourcing risks and information

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