AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Top Vendor Management Challenges Faced by Companies – Request a Free Proposal to Access SpendEdge’s Complete Solution Portfolio

May 13, 2019

LONDON--(BUSINESS WIRE)--May 13, 2019--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the key vendor management challenges faced by companies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190513005491/en/

Top vendor management challenges faced by companies (Graphic: Business Wire)

With increasing number of vendors, it has become imperative for companies to devise strategies that can mitigate vendor risks. They need a robust vendor management process that can analyze different contracts terms, rates, and efficiently address vendor management challenges. Also, they need to identify risks according to the size of their company and find effective solutions to address them to gain a competitive edge in the market.

At SpendEdge, we understand that addressing vendor management challenges is crucial for companies looking to sustain their businesses in the competitive market space. And to help companies gain a competitive edge, we have listed down the four major challenges that companies need to address while working with vendors.

Managing cyber risks and ensuring compliance is crucial for companies. Request a free demo  to access our portfolio of customizable vendor management solutions for free.

Top Vendor Management Challenges Faced by Companies:

Challenge 1: Complex vendor ecosystem

Companies engaging with hundreds of vendors expose themselves to various compliance and security risks. They need to categorize vendors based on their strategic value and risk and communicate compliance expectations to mitigate vendor risks.

Challenge 2: Contract management

Contract management is a major challenge for companies as contracts are often assigned to teams involved with vendors and the rest of the departments lack proper visibility.

Wondering how you can boost your company’s savings? Well, reducing excess procurement spend is the answer you’ve been looking for. Request a free proposal to gain complementary access to our solution portfolio.

Challenge 3: Cost optimization

Companies strive to find opportunities to optimize costs. However, this requires them to identify sourcing opportunities that can streamline and standardize business processes. They need funds that can drive business value in areas like business innovation, competitive differentiation while meeting organizational goals.

To access the complete list of challenges faced by companies in order to improve the vendor management process, get in touch with our analysts here!

About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.

Want more information ? We’re happy to help! Tell us more about your business challenges.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190513005491/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT RETAIL

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 05/13/2019 09:50 AM/DISC: 05/13/2019 09:50 AM

http://www.businesswire.com/news/home/20190513005491/en

All contents © copyright 2019 The Associated Press.All rights reserved.