Is Hiring a Vendor Manager Worth the Hassle?
Whether managing risk in one department or throughout the enterprise, analyzing and selecting the best vendor at the right price, delivered in a timely fashion, is a critical part of the risk management process.
That’s where vendor managers come in. A vendor manager facilitates the relationship between their business and its vendors while meeting contractual obligations and compliance.
For many organizations, hiring a vendor manager can be a hassle. It’s difficult to find a vendor manager with the right qualifications, their salary could be in the six figures and they may have some gaps in skills or experience.
VendorInsight®, however, offers an easier, more cost-effective alternative with VRM Pro.
What Does a Vendor Manager Do?
A vendor manager's job is to support the vendor relationship, manage the specifics of vendor contracts and ensure that each vendor performs in accordance with those contracts.
Knowing as much about the company’s third-party vendors as possible is essential to the position. Finding qualified job candidates who can meet the demands of vendor management, therefore, takes time, effort, diligence and a lot of training.
Why It’s Difficult to Hire a Vendor Manager
The ideal candidate’s skillset will include the ability to communicate with vendors, managers and users equally well, as well as analyzing and measuring the overall performance of third-party vendors used by information technology operations.
Finding the right vendor manager is, consequently, complicated because they must have the experience and skills necessary to communicate effectively with the different tiers of a company.
The Perils of Hiring the Wrong Vendor Manager
Hiring the wrong vendor manager can be problematic for an organization. Vendor managers must keep meticulous records. This is vital when it comes to tracking what is being delivered and confirming the fulfillment of the company's order.
An agile problem-solver who works quickly and efficiently to drive value to the organization could risk comprehensive due diligence. A risk management solution will not only take the pressure off your wallet, but costs less than a single employee.
Trust the Expertise of VRM Pro™
How should an organization simplify its vendor risk management process so it can focus on enterprise risk? The best answer is to rely on the trusted expertise of an outsourced provider with VendorInsight®’s VRM Pro™.
This dedicated risk manager oversees your program in order to meet all regulatory requirements and maintain 100% compliance. This outsourced vendor management interacts with leadership and a team of analysts to perform due diligence, all while keeping costs low.
VRM Pro™ is the answer to the challenge of onboarding, risk assessments and due diligence, monitoring and implementing the next steps in the event of vendor termination. Having the right expertise to assess risks means you will never have to worry about hiring vendor management staff again.
When it comes to vendor management, VendorInsight® leads the industry with its turnkey solution VRMPro™, our outsourced vendor management services. Request a free demo of VendorInsight® today to find out how a vendor manager can automate processes and strengthen management programs.