Most businesses today fail to set standards before dealing with vendors. As a result, it becomes problematic to select the right vendor from a wide range of third-parties. Besides, dealing with numerous suppliers is a daunting task, especially when you need to assess the quality of work offered.
CDAR vendor management framework helps organizations to act appropriately to control costs, reduce vendor-related risks, and ensure enhanced service delivery to derive maximum value for suppliers. With our automated vendor management model, businesses can search and select suitable vendors, gauge their quality of work, examine their pricing information, manage multiple relationships, and evaluate vendor performance.
CDAR vendor management steps include:
- Vendor selection
- Vendor risk assessment
- Contract negotiations based on key performance indicators
- Vendor onboarding
- Vendor risk monitoring and mitigation (compliance risks, vendor cybersecurity risks, reputation risk, suppler payment risks)
CDAR vendor management offers the following benefits:
- Effective vendor selection process
- Enhanced vendor contract management
- Vendor performance control
- Improved business-supplier relationship
- Quick value realization
- Increased visibility offered Centralized vendor data management
At CDAR, we provide a steadfast vendor management approach that enhances your relationships with vendors, identifies and mitigates vendor-related risks, and provides guidelines that ensure the vendor management process aligns with your business objectives and strategies.