Introduction

We have witnessed this.
10 years ago enterprises/aggregators did not care about their vendors the same way they care about their customers.
Here's why:

1. Vendors didn't have that many options when it came to selling their goods.
2. The vendor-enterprise transactions weren't complex and could be managed manually or with the help of any existing tool like the CRM.
3. Customers weren't very discerning about where their goods came from.

At the core of any business framework, an enterprise and its vendors are active participants and share a unique relationship.

But now, due to globalization, vendor companies have grown much bigger as a result of mergers and acquisitions, and enterprises/aggregators just can't afford to ignore their relationships with their vendors or suppliers. Looking at the pace at which technology is evolving, the traditional methods of managing vendor relations have become redundant and risk limiting organizations' vendor/supplier network to their specific geography. In short, if an organization doesn't manage its vendors or suppliers in the same way they manage their customers, there will be empty shelves or delays in delivering finished goods/services.

In simple words: Without a VRM, your organization's future is unsustainable.

Why is it important?

Vendor Relationship Management is essential for businesses that rely on a variety of third-party vendors for critical software and IT services.

It ensures that companies get the best value for their money while minimizing risks associated with vendor dependency.

Positive and productive relationships with vendors can result in improved services, timely issue resolution, and cost-saving opportunities.

Challenges faced without Vendor Relationship Management tool

Raze: Your Comprehensive Solution for Vendor Management

Be transparent

Transparency with vendors is key to trust and effective collaboration. Open communication about goals, challenges, and changes ensures alignment and accountability. This honesty fosters better problem-solving, innovation, and a foundation built on trust for successful partnerships.

Regular Risk Assessment And Transparency

Transparency with your vendors about your expectations and potential risks fosters confidence and collaboration. It also allows vendors to provide recommendations on improving the relationship and avoiding potential risks.You can build vendor relationships and assure long-term success by maintaining transparency and conducting frequent risk assessments.

Centralized management

Raze will gather and organize all the information in one centralized location, be it applications, contracts, or vendors. The interactive dashboard cuts down to manage, filter, and search the vendor list.