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In an era of increased outsourcing companies are realizing the importance and complexity
of managing their vendor relationships. As companies shift their focus from reducing
cost to value add, the relationship with vendors become more strategic. While the
rewards can be huge in terms of cost reductions, operating efficiencies, speed to
markets and focus on core strengths the risks can be equally as large. Experience
identifies many areas of risk to the enterprise with respect to vendor relationship
and management; some are listed below:
1- Vendor’s ability to perform and bring results forward.
2- Dependency on a vendor for strategic commodity or service.
3- Firm’s inability to control Intellectual Property.
4- Poor coordination by an enterprise and its many vendors
Consequently your approach to making the right decision in selecting and managing
your vendors is something you have to live with on day-to-day basis. iCoreTech has
the experience and the know-how enable you make win-win decision to accommodate changing
market conditions and mitigate the risks associated with dealing with vendors.