Copyright © 2015 SirionLabs.
Today’s IT outsourcing customers expect more than just cost savings, process efficiency and compliance from their service providers. IT suppliers are expected to deliver business results with an ever increasing focus on quality, performance, service levels, innovation etc. But many IT buyers continue to struggle with getting the desired value from their supplier engagements. Having the right terms in the outsourcing contract can help buyers overcome this challenge. This article discusses how the outsourcing contract can be used to drive improved supplier performance. This article by Stephanie Overby first appeared on CIO.com.
Managing third-party service providers effectively is essential for maximizing the return on investment from vendor partnerships. However, it can be tough as there are a lot of elements that play a role in defining the success of an outsourcing relationship. This article explains a 6-step model for managing outsourcing vendor partnerships. The article ‘6 essential steps for managing vendors’ by Lou Markstrom first appeared on CIO.com.
Wondering if you have everything under control in your supplier relationships? Here is a handy list of 7 steps to ensure effective risk management in your supplier engagements. This article by Rajeev Thykatt, Group Leader – Risk Management, Infosys first appeared on Forbes India’s Business & Strategy blog.
An interesting commentary by Spend Matters on the results of the Summer 2015 CPO Study by Consero Group. The 2 key survey findings completely align with the reality which we regularly come across in the market; (a) 84% of the CPOs are not satisfied with the level of insight extracted from their company's data, and (b) Contract management and relationship management were the top 2 biggest capability gaps.
Looking for best practices for managing your suppliers? This article explains four key areas of supplier management - Supplier Identification, Supplier Information Management, Supply Risk Management and Supplier Performance Management. The article `Four Supplier Management Best Practices' first appeared on CPO Rising.
Vendor management is important, rewarding and at the same time challenging. An effective vendor management strategy can help you drive higher value in your vendor relationships and build a competitive edge over your competitors. This article by WatersTechnology talks about why the investment and pain of proper vendor management is worth the cost.
Centralized availability of contracts, instant access to relevant contract data, effective collaboration with internal and external stakeholders, reports and alerts to keep track of key events, actionable intelligence to drive informed decision making... are you still looking for a reason to introduce automation in your contract management environment? The article `Contract Management: When Collaboration Isn't Enough, Automation Can Save the Day'by CPO Rising highlights why there is no better time to invest in effective contract management solutions, than now.
Successful outsourcing engagements are built on the foundation of trust and collaboration. This makes it critical for buyers as well as business users of outsourced services to invest in relationship management. While external relationships (with your suppliers) are obviously critical, internal relationships (with other business functions) cannot be ignored either. Read this article by the HFS Governance Institute for more on this topic.
Does performance-based contracting drive better results than traditional contract models? IACCM research suggests that performance-based contracts have a substantial positive impact – reducing the percentage of ‘failed’ agreements by almost half. Read this blog article by IACCM's Tim Cummins to learn more on this topic.
IACCM research shows that 40% of contracts fail to deliver the expected financial value, costing businesses an average of 9% of their annual revenue! A large part of this value leakage is caused by misunderstood and missed obligations. Watch this IACCM video for more details.
Copyright © 2015 SirionLabs.