A critical step in building your vendor management program is completing a RACI chart (Responsible, Accountable, Consulted, and Informed).

A RACI chart is beneficial because it:

  • Allows stakeholders to clearly understand expectations.
  • Reduces redundancy in tasks.
  • Enables clear communication.
  • Reduces time within approval processes.
  • Allows stakeholders to focus more on value-add activities.

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