Moreso than any other time, our world is changing. As a result, organizations – and their vendors – need to be able to adapt their strategic plans to accommodate risk on an unprecedented level.
A new global change will impact your organizational strategy at any given time. So, make sure your plans are flexible enough to manage the inevitable consequences.
- Identifying and managing a vendor’s potential strategic impact on your organization requires multiple people in the organization across several functions. Those people all need coaching on the potential changes in the market and how these changes affect strategic plans.
- Organizational leadership is often taken unaware during crises, and their plans lack the flexibility needed to adjust to significant market upheavals.
Impact and Result
- Vendor management practices educate organizations on the different potential risks to vendors in your market and suggest creative and alternative ways to avoid and help manage them.
- Prioritize and classify your vendors with quantifiable, standardized rankings.
- Prioritize focus on your high-risk vendors.
- Standardize your processes for identifying and monitoring vendor risks to manage potential impacts on your strategic plan with our Strategic Risk Impact Tool.