What is Vendor Management?
Vendor management is the process of controlling technology costs, reducing any risks connected to vendors, expecting excellent service, and obtain value from vendors over time. That includes researching potential vendors, sourcing, and collecting pricing options.
It also requires gauging their quality of work. Managing relationships in case there are multiple vendors and evaluating their performance by setting organizational standards in advance. Finally, guarantee that vendors get paid promptly.
What Does a Managed IT Service, Vendor Manager Do?
A managed IT service, vendor manager is an organization’s single point-of-contact for all of the technology vendors they use. When your organization needs a new vendor for its phone systems, who would you contact? What about Internet services, or computer equipment?
It is the IT vendor manager, who begins the process of vetting potential technology vendors for your organization. The VM also works closely with a client’s technical vendors to build and maintain a positive relationship, as well as make purchasing suggestions and decisions.
Are There Vendor Management Challenges?
An area we highly recommend monitoring with great caution is vendor management implementation. There are multiple factors you need to be aware of that can affect your organization negatively.
- Vendor Compliance Risks
- Vendor Reputation Risks
- Lack of Visibility
- Vendor Data Storage
- Vendor Payment Risks
Having vendor management implemented is vital. Knowing what can happen if not set up correctly, is just as crucial and why you want an experienced vendor manager from Baroan Technologies on your team.
What Are The Benefits Of Baroan Technologies Vendor Management Services?
You will not need to become an expert for the services you are seeking. With Baroan Technologies vendor management services, you gain a single point of contact instead of having to deal with multiple vendors on your own. An assurance that your existing contracts will not lapse without a review of services and pricing to guarantee you are always getting the absolute best and current pricing.
You have a resource that can manage multiple vendors, their various contracts, and gives you a centralized view of your current contracts with vendors. Furthermore, having a performance management system in place, you discover what is or is not working correctly with your vendors so you can respond appropriately, promptly. Baroan has, with its years of service, a deep understanding of the different technologies available, and what is the proper solution for your company’s needs.