Vendor Management
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Vendors come in all shapes and sizes and are engaged to satisfy specific company needs. Companies may have many vendors that provide everything from packaged solutions such as Oracle and Cisco, to global outsourcing of IT operations, to vendors providing resources for short term needs or highly specific skills.
The vendor engagement lifecycle includes identifying and quantifying a business need, identifying potential vendors, conducting due diligence, negotiation of contracts, and ongoing management and governance.
Outsourcing vendors are rapidly evolving to provide an increasingly wide range of services each with its own level of complexity and risk. Even when contracts exist a considerable amount of resources will be devoted to governance and relationship issues. It is not possible to write contracts to cover all contingencies. Needs change and the relationship needs to be strong enough to accommodate both party's evolving needs.
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