“In many highly regulated industries, such as banking and financial services, VM functions are no longer optional,” said Mr. Ambrose. “Although regulatory pressures are growing, improving VM should not just be a response to regulations, but rather a desire to apply a better and more standardized discipline to the management of the life cycle of vendor relationships. Advanced VM methods are emerging that accelerate maturity, moving VM from reactive monitoring and reporting functions to proactive, business-critical disciplines.”
Gartner has outlined a vision for the future state of VM by examining the current state and related gaps that require bridging. This strategic roadmap includes a migration plan that will support a more strategic VM culture.
“The discipline of VM is swiftly transforming, both in terms of its depth and reach, in order to support business goals, drive value through the vendor ecosystem and minimize exposure to risks introduced by vendors,” said Mr. Ambrose. “By 2017, CIOs will develop vendor relationship skills as a top-five competency to extract business value and innovation from strategic vendors.”