2 Types of Vendor Management Solutions Your Organization Needs

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1. Vendor engagement tool – A vendor engagement tool enables organizations to effectively manage their relationships with all vendors in one centralized location. This includes capturing information such as contracts and agreements, service level agreements (SLAs), contacts, and performance data — all in one place. The tool should be easy to use, intuitive and foster collaboration between you and your vendors. This vendor management solution creates a single source of truth for all information related to the vendors that support your business.

2. Vendor performance management – Vendor performance management software helps companies monitor how well their vendors are performing against their SLAs — which often include metrics such as service availability, response time, and more. In addition to monitoring SLA performance, such a solution helps companies identify potential issues before they negatively impact the business. It also provides an opportunity for your team to proactively engage with your vendors when there are issues that need to be addressed.

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