The Importance of Effective Vendor Relationship Management

For many, the turmoil surrounding the supply chain over the past few years has shed light on areas in need of improvement. One such aspect of business that companies who rely on suppliers now understand to be more critical than previously thought is vendor relationship management.

One approach to improve vendor management is revamping the procedures in place regarding planning, onboarding and tracking performance. Often, organizations turn to Contract Lifecycle Management (CLM) software to enhance these matters. CLM software can be utilized to streamline the way vendor contracts are managed and provide constructive data on contract performance through in-depth tracking. When combined with other modern strategies, a sophisticated CLM platform can help increase procurement efficiency and reduce risk, as well as develop more cost-effective and better performing vendor contracts.

For further information on improving vendor management, please see the accompanying resource.