{"id":33755,"date":"2022-01-06T08:28:10","date_gmt":"2022-01-06T13:28:10","guid":{"rendered":"https:\/\/centricconsulting.com\/?p=33755"},"modified":"2022-12-15T14:49:09","modified_gmt":"2022-12-15T19:49:09","slug":"creating-a-robust-it-vendor-management-strategy","status":"publish","type":"post","link":"https:\/\/centricconsulting.com\/blog\/creating-a-robust-it-vendor-management-strategy\/","title":{"rendered":"Creating a Robust IT Vendor Management Strategy"},"content":{"rendered":"

We discuss the importance of having an IT vendor management strategy to streamline processes, boost efficiencies, control costs and reduce risks inherent to IT.<\/h2>\n
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While there are many IT tasks you can keep in-house, there will also be some functions better handled by third parties \u2014 whether it\u2019s because of its complexity, security concerns, or another reason. An IT vendor management strategy can help you work with vendors to benefit your company.<\/p>\n

At its core, vendor management is your company’s process to manage external business partners that help execute many IT activities. The types of vendors a company uses will depend on the nature and specific needs of that organization.<\/p>\n

Regardless of the number of vendors your company relies on, creating a robust, strategic IT vendor management program ensures your company will receive the best services, risk reduction and pricing for products and services provided. It also will help improve profit, effectively manage costs and deliver customer quality goals.<\/strong><\/p>\n

Outlining an IT Vendor Management Strategy<\/h2>\n

While it\u2019s not a simple task, creating a process for the selection, onboarding and ongoing management of your company\u2019s IT vendors will be well worth the efficiencies created long term.<\/p>\n

It\u2019s important to get buy-in from members of the IT department, external departments, HR and management as you lay the foundation for your IT vendor management guidelines, as these will be your go-to guide when it\u2019s time to bring in outside resources. Ask for input regarding requirements to ensure you meet organizational needs and don\u2019t miss anything that could jeopardize the process.<\/strong><\/p>\n

Step 1: Determining Company Needs and Spend<\/h3>\n

Before you select vendors, evaluate what you can do in-house and what would be better to outsource. Whether it\u2019s because you lack in-house capabilities, don\u2019t have the time to devote to a particular task, or simply need help periodically, vendors can help fill gaps short- or long-term.<\/strong><\/p>\n

According to Gartner<\/a>, technology spending was expected to increase 8.6 percent in 2021 over 2020, with a projected total of $4.2 trillion. A large portion of IT spend is with the vendors that supply products or services, including managed services, cloud-based services, software and hardware.<\/strong> Vendors might include those who provide:<\/p>\n