Before you dive head-on into the details of why vendor management is in trend and is also important for an organization, you might want to consider the following fact:
It is reported that around 18 percent of respondents indicated their companies work with more than 1,000 vendors or third parties, and another 16 percent said they work with more than 10,000 third parties.
Vendor management is crucial for the success of every organization and especially for your business. Here are a few reasons why vendor management should be a top priority for your organization: