1. Home
  2. »
  3. Procurement
  4. »
  5. Vendor and Contract Management...

 17,709 total views

Vendor and Contract Management are critical for every organization
Daniel Barnes |
October 3, 2023 |

 17,710 total views

 17,711 total views

Vendor and Contract Management are mission critical for every organization

Whether it’s the data breach of your major hardware vendor, the data leak that involves hundreds or thousands of your vendors, or, more simply, you don’t have confidence in your vendor data and think you may have more contracts “somewhere”.

We’re seeing a transformational shift in how businesses operate today. With far-reaching regulatory changes impacting all sectors. With decentralised ways of working accelerated by COVID, those who aren’t digital are struggling. And an exponential growth in systems, data, security and the need to report on all of this. But much of this is locked up with your vendors and their contracts.

When you have a lack of visibility and the inability to control your vendor and contract base, you end up with:
– Missed Renewals
– Unapproved Vendors being used
– Contracts being signed by anyone with a pen

And this leads to:
– Fraudulent Vendors rinsing you (good luck explaining that one to your CFO).
– Failed audits as you cannot explain your systems and control for dealing with your vendors.
– Reputational damage as your vendors experience data leaks, cyber-attacks, and poor ESG policies.
– And perhaps worst of all, the inability to operate if the regulators get annoyed with you.

Your vendors and their contracts underpin every successful and unsuccessful relationship you have.

Don’t screw it up.

Author: Daniel Barnes

 

Source of this article

Related articles