A lack of standardized vendor management process inhibited a grocery retailer from optimizing the value of its IT vendor portfolio and effectively managing risk in certain situations. To solve the problem, they targeted a moderate-to-high level of maturity to gain effectiveness while limiting unnecessary tasks that would slow efficiency.
Summary & Success
- Better team alignment, specifically around expectations for different roles and responsibilities.
- Understanding of what should be in a practical and actionable vendor review, including risks assessment and creation of a “next steps” agenda based on findings.
- Identification of vendors with whom the company needed to form stronger partnerships, resulting in plans to launch their first Vendor Day.