Supply & demand

Managing multiple vendors on a project carries a host of risks, and project professionals have long searched for ways to better handle vendor relationships. This article discusses improvements in vendor management software that reduce risks and provide greater insight on project status. It details how vendor management systems (VMS) and other IT solutions have evolved to allow project managers to efficiently submit requests for proposals (RFPs), review responses, track vendor progress, and quickly on- and offboard vendors. It overviews how VMS software is now both staff augmentation-based and deliverable-based, and how it can guide project professionals to the appropriate vendors to minimize delivery and execution risk, as well as achieve better financial ROI. While VMS and other advanced tools have gained significant ground in helping project professionals better manage vendors, there is still room for improvement. Accompanying the article is a sidebar that discusses other solutions available to manage vendo
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