LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the key vendor management challenges faced by companies.
With increasing number of vendors, it has become imperative for companies to devise strategies that can mitigate vendor risks. They need a robust vendor management process that can analyze different contracts terms, rates, and efficiently address vendor management challenges. Also, they need to identify risks according to the size of their company and find effective solutions to address them to gain a competitive edge in the market.
At SpendEdge, we understand that addressing vendor management challenges is crucial for companies looking to sustain their businesses in the competitive market space. And to help companies gain a competitive edge, we have listed down the four major challenges that companies need to address while working with vendors.
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Top Vendor Management Challenges Faced by Companies:
Challenge 1: Complex vendor ecosystem
Companies engaging with hundreds of vendors expose themselves to various compliance and security risks. They need to categorize vendors based on their strategic value and risk and communicate compliance expectations to mitigate vendor risks.
Challenge 2: Contract management
Contract management is a major challenge for companies as contracts are often assigned to teams involved with vendors and the rest of the departments lack proper visibility.
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Challenge 3: Cost optimization
Companies strive to find opportunities to optimize costs. However, this requires them to identify sourcing opportunities that can streamline and standardize business processes. They need funds that can drive business value in areas like business innovation, competitive differentiation while meeting organizational goals.
To access the complete list of challenges faced by companies in order to improve the vendor management process, get in touch with our analysts here!
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