The businesses and individuals that provide goods and services to an organization are considered its vendors. A company could work with a few, dozens, or even hundreds of different vendors, all with different contract terms, pay rates, and points of contact that must be managed through a vendor manager. The top management recognizing the need for a comprehensive vendor management process to improve efficiency along with other goals will lead to an increase in the bottom line. Now start organizing vendors into categories that are most critical based on your project operation.
Once you’ve started implementing you will notice improvements in your key performance indicators, such as decrease in cost, reduced time in managing vendor information, faster vendor communication/ response times, more favorable vendor ratings on the list, lesser amount of grievances. This module suits the local construction industry in order to help contractors to have the right materials in the right quantities (at the right place) at the right moment at minimal cost so they can improve their productivity, minimize losses and increase overall competitiveness.
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