ENTERPRISE IT
STRATEGIC VENDOR MANAGEMENT GETS
With an increasing number of vendors , sometimes replicating services , strategic vendor management ( SVM ) is becoming more complicated . Yet its core values remain the basis of this important business function
WRITTEN BY : PADDY SMITH
Strategic vendor management ( SVM ) is a critical tool in technology procurement and partnership building . At a time when the number and nature of technology partners is exploding , it has never been more important to structure insights and measure returns on individual or co-dependent technology vendors .
There has been a seismic change in the way technology vendors operate , and in how they are assessed by customers . The rise of easier implementations and multi-vendor strategies has increased complexity and competition . No longer do companies commit to lengthy contracts with a single vendor , and the benefits of strategies such as multi cloud – security , reliability ,
compliance and avoidance of vendor lock-in – are becoming corporate gospel .
And the shift to multi-vendor strategies as added complexity to SVM , which must now delineate where responsibility lies in the event of security breaches or operational failure .
“ NO LONGER DO COMPANIES COMMIT TO LENGTHY CONTRACTS WITH A SINGLE VENDOR , AND THE BENEFITS OF STRATEGIES SUCH AS MULTI CLOUD ARE BECOMING CORPORATE GOSPEL ”
84 March 2021