What Vendor Management Methodologies Are Out There, and Which One to Choose?
Vendors have always become integral to your organization, but with their partnerships come risk. Your vendor management program needs to be efficient and organized to protect your organization. That means deciding how you are going to manage your vendors is an important decision that will have a major impact on your efficacy.
You can choose to manage your vendors through a manual system like spreadsheets, or using an automated vendor management tool. We've compiled a few things to keep in mind when considering whether to adopt a manual or automated vendor management methodology that can assist as you make this difficult decision.
In this article, you'll learn how automated and manual programs affect:
- Your ability to meet compliance standards
- Your time commitment to vendor management
- Budgeting for vendor management