Four Reasons Why Procurement Cannot Afford to Ignore Vendor Management

 In Guest Blog, Procurement Blog, Procurement Spend, Vendor Management

Guest Blog: Procurement Leaders welcomes the thoughts and insights of SpendHQ.

SpendHQ was invited to contribute an article for Procurement Leaders, a global membership network serving senior procurement and supply chain executives with independent procurement intelligence.

As a procurement leader, it is important to ask the following questions: What do I know about our suppliers? What should I know that I don’t?

Most businesses can tell you anything you want to know about their customers. Not only do companies know who their customers are, organizations also know their clients’ wants and needs, purchasing patterns, risks and priorities, contract terms and committed service levels. Businesses are expected to know what a customer pays versus what they are supposed to pay, as well as which type of customer will pay more for specific items and those that will pay less. To put it simply, they understand the detailed financial implications of a change in any customer relationship.

However, these same businesses rarely put the same level of emphasis on understanding their suppliers and many struggle to identify their most strategic relationships. Other than a handful of core vendors, they cannot tell you who their preferred suppliers who have actual contracts in place are compared with those not under contract. Yet understanding this impact is critical. Click here to learn the four main reasons why procurement should not ignore vendor management. 

 

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About SpendHQ

SpendHQ is a spend analysis solution that provides rapid, accurate and detailed visibility into enterprise spend data. This full-service SaaS (Software-as-a-Service) spend analytics solution delivers actionable insight for sourcing and procurement professionals.

Recognized for innovation and industry impact in the procurement space, SpendHQ was named to the 2015 Red Herring Global 100 list, and listed as a finalist in the CODiE 2016 Awards as a “Best Supply Chain Management” solution. With SpendHQ at their fingertips, clients ranging from Fortune 500s to mid-market companies are finally able to see their enterprise spend clearly and drive savings confidently.

As a standalone extension of Insight Sourcing Group, SpendHQ is built by industry leaders with unmatched sourcing knowledge. Inc. Magazine has ranked Insight Sourcing Group among the fastest-growing private companies in America every year since 2008. In 2015, Insight Sourcing Group was also named the #1 Boutique Consulting Firm in the U.S. by Vault.com and the #1 Small Strategy Firm by Consulting Magazine.

Learn more about SpendHQ’s spend analysis solution and start taking control of your enterprise spend data at www.spendhq.com and request a free spend analytics demo today.

Stay up to date with all things procurement by visiting SpendHQ’s procurement blog, and by following on LinkedIn.

 

 

 

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