Vendor accountability defines the approach an organization takes to suppliers responsible for their performance and their results.
Vendor accountability is being responsible for decisions made or not made, actions taken or not, and results achieved or not. It is vendors, suppliers taking responsibility to do what it takes to achieve what is agreed.
Vendor accountability leads to a strategic relationship between vendor and and organization. Through a strategic relationship, companies and their vendors can drive lower total lifetime costs while allowing vendors to profit.
Accountability and transparency are cornerstones of solid business practices, so even if you have the utmost trust and confidence in your vendors, you should still ensure that the relationship is as transparent as possible.
Vendor Accountability increases the likelihood of realizing the full benefits of a provider. By bringing some clarity to ownership, expectations and commitment–and by showing leadership–key people in the organization can have a much greater impact on the results.
Vendor Accountability will:
- – Enable continuous improvement in service performance
- – Ensure adherence to contractually defined SLAs and performance targets
- – Provide improved visibility and documentation to vendor performance issues
- – Support vendor governance by providing data on vendor performance and value added to the organization
VENDOR MANAGEMENT SOLUTIONS
Our Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors. Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.
If you have questions about any of our VMS benefits contact us today at 866-504-4050 to learn more about our Vendor Management Solutions.