Vendor Management is a strategic process that is dedicated to the sourcing and management of supplier relationships so that:
- VALUE CREATION IS MAXIMIZED
- RISK TO ENTERPRISE IS MINIMIZED
Suppliers are a key component to many businesses, however businesses are faced with many challenges in regards to vendor management.
- Limited single view of a supplier.
- Procurement and Operations Departments are often disconnected.
- Lack of control on contracts and key contract conditions.
- Lack of control and visibility into supplier compliance and documents.
- Limited supplier audits and feedback.
- The supplier has the buying power and not the client.
With the right tool in place these challenges can be resolved. M-Files an agile information management platform is the tool. With M-Files businesses can manage the following processes related to a supplier:
- Contract Management
- Day to day CAPEX and purchase orders
- Evaluations and audit management