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. This process involves investigating potential vendors, understanding their businesses, and negotiating partnerships based on a relationship that both parties want to last.

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. This technology, when combined with other modern strategies, can help increase procurement efficiency, reduce risk, and develop more cost-effective and better-performing vendor contracts.

For more information on improving vendor management, refer to the accompanying resource.