A worrying statistic, given that poor vendor management can often result in increased costs, delivery of poor quality goods/services and longer lead times for organizations.
Procurement teams are, however, beginning to realize the importance of vendor management, with it amongst the top procurement initiatives for 2021.
Those that have already prioritized vendor management, are experiencing a number of improvements in areas that include supply chain efficiency, vendor relations, response times, compliance, and risk reduction.
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