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How to improve vendor management?
An organization improves its vendor management as it implements central practices and enhances the existing ones. By authorizing only a few vital, well-reputed suppliers per each product/service requirement, procurement teams can save their time assessing vendor and product-related risks repeatedly.
Using vendor management software and vendor portals for precise, instant communication, access to real-time data, and tracking facilities improves the process. Additionally, organizations can take steps to actively monitor supplier performances by establishing KPIs and using digital tools to track and compare performances and results. Quick payments and timely contract renewal also help maintain good relationships with critical suppliers.
Procurement software ensures that invoices are managed and compared against the PO and GRN and payments are disbursed on time to maintain goodwill. It also lets vendors see the status of their payments to avoid misunderstanding and eliminate the need for repeated communication. The more an organization stays active, the better it will be able to manage its vendors.