Vendor management has gradually become an integral business process for organizations around the world. It could be a growing organization or an established one, vendor management is a process which tends to slow down organisations and distract management from the core business function.
The rapid change in world economy and the growing competition has ensured that organizations minimize their effort in secondary activities or outsource them to decrease the burden on internal resources. Saving time, money and energy is one of the primary goals of an organization and an outsourcing agency helps you achieve your goals.
If vendor management is not your core business area and is a primary or secondary need, it’s an additional burden on your business. As is the case with most processes, once it is set, organisations continue functioning, rarely making changes to improve processes. This leads to redundant functions, increased paperwork and an over-all slow business infrastructure.
Vendor management is not only restricted to streamlining processes but also market intelligence through surveys and regular updation. High dependency on market demand and supply can lead to unpredictable expenditure – a process which is mitigated in the case of a sourcing solutions agency.
The question thus arises, how to ensure that the sourcing solutions agency your organization hired is upto the mark and is actually making the process easier for you.
Market intelligence plays a huge rule in cutting down expenditure and ensuring you have the best vendors for your business. A process which is possible only when collating market intelligence is part of an objective, dedicated team. Geographical and cultural know-how of a local place also greatly contributes to vendor management in India.
Organisations across the world have recognized the potential of vendor management and it is slowly becoming an industry full of opportunities.
Across the world, India is being touted as the number one sourcing solutions country according to a survey conducted in US and Europe. A vast country such as India holds a huge potential for man-power, quality products and a survey unmatched by any other.
Whether you have a business in India or are a foreign investor, it is important to understand the dynamics of the country, conduct a survey and hence begin operations.
If you’d like to understand how vendor management can help your organization and the benefits you can derive from it, visit our website ASC Sourcing Solutions