SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest article on how companies can improve their vendor management processThis article highlights how building business relationships with third parties without analyzing risks can negatively impact businesses. It also shows how following simple steps such as identifying vendors and prioritizing them can help companies to enhance their vendor risk management process, substantially.
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Step-by-step guide to set-up an effective vendor management process. (Graphic: Business Wire)
Vendors play a critical role when it comes to boosting the profitability of any organization. To address this challenge, some companies have started outsourcing their vendor management process. However, they end up losing control over their workflows and become vulnerable to various operational and fiscal risks. This makes it vital for companies to identify high risk vendors and mitigate risk management challenges. Many progressive organizations have also started devising strategies for better life cycle management. This compels other companies to leverage vendor risk management solutions and enhance their vendor management process.
Are you also losing control over your company's workflow? Talk to our experts and know how our experts can help you improve the vendor risk management process.
Step-by-step guide to set-up an effective vendor management process:
Identify all vendors
Companies need to identify vendors who are crucial for their business. They should start this by making a vendor list and then deciding how much access to data and process their vendors have gained over time.
Prioritize vendors-based risks
Prioritizing vendors becomes quite easy once any organization has identified their vendors. They just need to analyze the list and determine how much risks can their vendors pose for the business. This risk can be critical, high, medium, or low depending on the data a vendor possesses. There will be vendors who will be critical for the organization and their performance could affect the performance of the business whereas there will be some who will be having extensive customer data. Companies need to analyze all such risk factors before providing access to organizational data.
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Track new vendors
Every new vendor associating with the organization can pose a certain level of risk for the company. Therefore, companies need to scrutinize any new vendor engaging with the organization. These risks can easily be analyzed if companies have a standard process and a vendor risk management template. They can even rank vendors based on the risk factor.
Want to standardize your vendor risk management process? Request a free demo today and know how our experts can analyze huge volumes of data and help you devise an effective risk management framework.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190204005438/en/
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