Question 1: What are the biggest challenges facing vendor management leaders?
We continue to see shifting trends from both a technology and business strategy perspective that are driven by changes in the vendor landscape. How to manage this ever-evolving vendor portfolio adds complexity for vendor performance, risk and relationship management. Vendor management continues to be treated as an event-driven activity, with little investment and a continuous struggle to find the right resources with the right competencies for VM roles. ITVM leaders must continue to develop new competencies and best practices in VM to support these changes and trends.
Proving the value that vendor management brings to the organization continues to be a focus area, with many vendor management leaders struggling to identify the right metrics and examples that evidence the value they bring to the table. Creating Unique value propositions and understanding key stakeholder relationships give VM leaders an opportunity to prove and evidence more of the intangible value above cost savings.