Vendor Value Realization

Considering all the hours spent in evaluation, contract negotiations, and due diligence to onboard a new vendor, it’s in your organization’s best interest to monitor whether or not the company is delivering on the value promised. Unfortunately, in enterprise business, that’s rarely the case.

For every vendor contract, there are specific outcomes you are looking to achieve when the relationship first forms. Without a system in place to track value realization, however, these desired outcomes are often forgotten. As a result, many companies spend a large percentage of their operating budgets on third party products and services without proof of performance. Loyalty becomes the unintended side-effect of ineffective vendor management rather than the result of your success.

In order to better manage your vendor network and protect your bottom line, you need to create accountability for the achievement of your desired outcomes and keep value delivery the focus of each vendor partnership.

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