Hr Library

3 Reasons VRMs Have Become a Critical Component of Business-Growth Strategy

The relationship between vendors and companies is changing, and vendor relationship managers are the way of the future

By | Devishobha Chandramouli |

If there’s anything that has made surviving the pandemic possible, it’s technology. The New York Times reports a 70% increase in combined stock market value for major players like Amazon, Microsoft and Apple. 

Such rapid growth in business is achieved by relying on vendors for goods, staff and services. As global spending for enterprise software has increased to meet complex business needs, procurement has shifted from just buying and selling goods and services and tracking them on spreadsheets and SharePoint, to becoming a part of the overall business strategy.

For business growth, task completion requires sophisticated management of internal and external team members, and the average tech stack and support services list is large for startups and enterprise-level businesses alike. Businesses are moving to a new solution — the vendor relationship management (VRM) system with the potential to replace the inefficient spreadsheets and emails used to manage vendor relationships.

Here are three reasons why vendor relationship management systems have become an integral part of business growth.

Click here to read the full article

Show More

Related Articles

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button