Any company or individual that provides services and products to a business is considered a vendor. Often businesses, especially large corporations, will have multiple vendors and keeping track of them all can be a challenging feat. This is where Vendor Management comes in.
Vendor management is a set of processes a company undertakes to establish a holistic view of their suppliers, and manage what each one is doing at any time in a time-efficient and streamlined way.
Vendor management encompasses a vast array of processes including:
Creating vendor profiles based on the requirements and aims of their business
Selecting the right vendor and onboarding them
Assessing the risks involved with working with different vendors
Developing an effective communication flow between the business and vendor to enable quick turnaround times on work and build positive working relationships
Devising a detailed day-to-day management programme to monitor performance and ensure all objectives are successfully met on time
Sourcing the right suppliers and developing strong and effective working relationships with vendors is essential for providing great customer service, meeting company objectives and minimising business risks.
How DueDil can help
DueDil can help companies in the research and sourcing process of vendor management. Using DueDil’s dashboard, companies can find financial data on potential suppliers, information of the ownership of the vendor company and a brief history about them.
Businesses can also create lists of vendors in specific industries from within the DueDil interface, track their existing vendors and receive alerts if anything changes, e.g. if they change owners, if they receive negative publicity or if their credit risk drops.