Efficient vendor relationship management has become increasingly crucial for businesses in recent years due to supply chain issues. To establish effective vendor management practices, it’s essential to develop a well-designed process that takes into account the unique roles of each vendor. Another approach to improving vendor management is to revamp the procedures for planning, onboarding, and tracking performance. Contract Lifecycle Management (CLM) software can streamline contract management and provide data on contract performance through in-depth tracking.
For more information on improving vendor management, refer to the accompanying resource.