Vendor Management for Today's Market

Tuesday, April 10, 2007

Aside from simply having a vendor management program in place, truly efficient vendor management requires effective collaborations with your vendors and a deep understanding of your business needs and internal processes. Additionally, you must consistently monitor your vendor base to ensure that quality and high performance are rewarded accordingly. When developing metrics, ComputerWorld suggests that, "Metrics are the foundation of your vendor management program. You get what you measure, not what is in the contract. Choose metrics that support your goals and reward the behavior you want to encourage." Having clearly defined goals and measurements will encourage vendor performance and loyalty.

Your VMS should be customizable such that your organization’s goals and vendor metrics are easily attainable via real-time reports. nextSource's Talent Acquisition Management Solution (TAMS) not only automates the entire acquisition and management lifecycle for on- and off-boarding contingent labor and direct hires, but TAMS also provides online reporting of diversity spend, and supplier accrual and spend in real-time. By streamlining reporting and other vendor management processes, TAMS can bring you closer to the perfect balance of services, cost, and accountability which are all needed for optimal efficiency of vendor services.