Organizations that practice good governance typically display a set of common attributes. By assessing your Vendor Management Processes, you will be able to analyze if your Vendor Management Office is designed to extract maximum value from vendor relationships.
ISG helps companies assess Vendor Management Organization, thus we offer different Interactions with our Assessment surveys:
- Want to assess your Vendor Management Organization ratings?
Take VMO Survey
- Workshops based judgment study for more detailed analysis and recommendation. For more details, contact us.
Value of VMO Assessment
- Value: Clients lose 10-30% of the promised value in outsourced services when they fail to effectively manage the services
- Relationship: Clients frequently get caught into a vicious cycle of frustration, emotion, and failure to resolve core issues with their provider
- A formal Governance operating model and processes help clients to realize value and reduce strife and conflict in their relationships
- Clients who grow their Governance maturity save money, reduce emotion, improve services, and are in a position to create an environment for innovation
- Measuring findings against objective standards and rating maturity (together with other observations) immediately creates actionable insight for improvement
For managing Vendor Management processes, ISG offers ISG GovernX® that allows you to monitor contract performance in real time, address issues on the spot, mitigate risk, ensure regulatory compliance and foster greater collaboration among your suppliers, perform meaningful analysis on real-time governance data through interactive dashboards that drill directly down into transactional data elements, manage your entire portfolio of contracts, continuously monitor and evaluate performance, risks and issues, and integrate seamlessly with financial, procurement and other business applications to drive cohesive decision-making, enhanced collaboration and better insights.