Indevtech Blog

If your business works with many different vendors, then you know that your vendor management strategy can very much take on a life of its own and spiral out of control. The more time you spend working with vendors, the more time you’re not spending on the actual tasks associated with your job responsibilities. This means that you’re leaving a lot of wasted productivity and time on the table. We’re here to help you get the most out of managing your vendor relationships, as well as one secret that can help you get the most out of them.

Every business has vendors and most of them take up more time than they probably should. Some of the relationships are pragmatic and fulfilling, but many take up too much time and effort and tend to distract decision makers from focusing on what is truly important within the business. As far as technology goes, depending on your company, you may have a dozen or more vendors contacting you sometimes a couple of times a month looking for you to expand your investment with their companies. Let’s talk about how vendor management can help your business.

The COVID-19 outbreak has a lot of business owners looking over their supply chains and their budgets wondering how they are ever going to make things work. If yours is like most businesses, you use IT to make your business smarter, more efficient, and help your workforce be more productive. Unfortunately, with recessionary winds swirling around as a result of this terrible situation, it may become inevitable that your business will have to do more with less for some time. 

Small business owners have a lot on their minds and a ton of responsibilities that the average employee doesn’t have. Small businesses often force business owners into taking on various roles that may or may not fit their specific skill set, including CIO or CTO. Of course, the Chief Information Officer and Chief Technology Officer are responsible for technology-related decisions, but the reality of the matter is that you only want technology professionals in these roles… not just professionals who happen to be the most knowledgeable folks in your office.

Who manages the relationships that your organization has with its various vendors? Do you have someone who specifically handles this role, or is it pushed onto your already-full schedule? If this is something that takes up a significant portion of your day, vendor management (though necessary) can become a detriment. Thankfully, there is a better way to handle your vendor relationships, and it doesn’t involve stretching yourself thin.