Vendor management is the process that empowers an organization to take appropriate measures for controlling cost, reducing potential risks related to vendors, ensuring excellent service deliverability and deriving value from vendors in the long run. This includes research about the best suitable vendors, sourcing and obtaining pricing information, gauging the quality of work, managing relationships in case of multiple vendors, evaluating performance by setting organizational standards, etc. In the present context, it becomes imperative to employ technology, if organizations must take an objective and analytics-driven decisions.
What is in it?
Outsourcing has become a key differentiator for retailers across the globe to maintain leadership position in their respective segments. However, increased awareness of customers on product & sustainability poses an uphill task for them to ensure sourcing from “right” vendors. ITC Infotech provides an overview of challenges, focus areas, current situation & need for a technological solution to better manage the outsourcing function.