Not all suppliers, especially large, well-known suppliers, are enthusiastic about participating in a VMS program for services procurement and SOW-based initiatives. Despite their reluctance, there are good reasons for you to encourage – or even mandate – their participation. When these suppliers do not utilize the tool, your program suffers from a major lack of visibility and compliance, taking away your ability to gain valuable insights from reporting and analytics tools, and putting your organization at risk.
This whitepaper equips you with information you need to get your strategic suppliers to use a VMS for services procurement and SOW-based initiatives, as well as opens your eyes to the risks of not enforcing full participation.
- Learn how relationship-based deals can put your organization at risk when maintaining worker and organizational compliance
- Understand the legal consequences your organization faces when your project consultants are not in the VMS
- View a snapshot of supplier spend to realize how much is not captured from suppliers who do not participate in your VMS
- Read recommendations for how to get your suppliers on board and learn tips for approaching both suppliers and your C-suite
Your company’s larger, strategic suppliers may not want to participate in the tool, but the resulting lack of visibility and compliance is something that your program cannot afford. Do not hesitate to have an important discussion with your executives. Educate them on the current risks associated with these relationship-based deals, and how getting all suppliers to participate in the tool will mitigate that risk.