Tips for Successful Vendor Management

IT is an essential department of every company. Especially in today’s digital era, modern businesses must invest in IT vendors or create in-house solutions themselves. Often, organizations choose to outsource IT services and bring in external teams. This makes IT vendor management a necessity. So, how do you enhance the quality of your contracts and vendor relationships? In this article at InformationWeek, Mary E. Shacklett shares a set of contract and vendor management best practices to cultivate strong relationships.

Best Practices to Follow

Share Information and Priorities

The key to succeeding in contract and vendor management is to share information and priorities with your vendors. Your vendor management practice must include only the necessary information to allow a vendor to serve your needs better. Additionally, it must consist of new product launches and design or expansion changes.

Allow Vendors to Strategize

Ensure to invite the vendor to strategic meetings that involve the product they work with. Tap into their expertise to gain a competitive edge.

Define Your SLAs

Service-level agreements (SLAs) for each vendor contract should be in writing. “At the meeting, you and your vendor can review SLAs and determine if any of them need to be modified for the next year to reflect changes in business conditions,” says Shacklett. Many vendors share standard sets of SLAs in their contracts. If your vendor fails to include one, add your SLAs as an addendum to the contract.

Check for Security Audits

Ensure IT vendors share with you their latest third-party security audit. Ask them for audits because you must be certain their platform does not pose any security threat to your own IT. If a vendor fails to provide a written third-party security audit that was performed within the last 18 months, consider looking for another vendor.

To read the original article, click on https://beta.informationweek.com/security-and-risk-strategy/how-to-get-a-stronger-grip-on-contract-and-vendor-management?_mc=rss_x_iwr_edt_aud_iw_x_x-rss-simple.

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