Managing the complexity of vendor relationships can be a daunting undertaking…but it doesn’t have to be. High-performance, cross-functional outsourced teams have the knowledge advantages from multiple industries and can help you address a broad range of business tasks or outcomes. You might consider a collaborative team approach to help support your procurement department in their efforts to locate new potential vendors. The mission of a cross-functional vendor management team specifically addresses complex vendor-related issues using their collective strength to approach the dilemma with fresh solutions.
As the name implies, team members from cross-functional teams thrive off the diversity of their appropriated disciplines. Their backgrounds might include histories in finance, IT, facilities management, engineering, logistics and planning, or even research and development. They are the ruling authority in their respective field and further the range of expertise in any given vendor management team. And as a 3rd-party neutral outsource they bring unique benchmark analytics and experiences to this cross functional team capabilities.
To be more specific, bringing in this level of diversity within a team helps contract committees focus on the end-users of products and services – the client. Cross-functional teams can illuminate current contract performance and/or results. After all, it is the client’s feedback on services or products that is invaluable in determining the final answer: Is this contract worth it?
Your ideal team should recruit internal and external individuals with proven technical prowess in their respective discipline, a flair for creativity, the ability to collaborate with others and discuss ideas, open-mindedness, and the courage to take calculated risks. It is worth noting that cross-functional teams are only as efficient and goal-oriented as permitted by the decision-making power and company resources given to them. Put simply, upper management must be open and willing to listen to the recommended changes from the team.
A company will benefit by tapping into the cross-functional power to create an agile, financially advantageous vendor management process that will ultimately form the foundation of a solid contract management plan.
In today’s volatile and complex world, companies will continue to feel the pressure to increase efficiency and simplify complexity. Cross-functional collaboration will prove to be the means through which corporations identify, and (hopefully) anticipate, material requirements in the contract management cycle.
About Limitless Technology
Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.
Through our Billing Optimization and Vendor Management Solutions proprietary platforms we utilize technology, processes, expertise, time, and resources to improve our client’s bottom-line.
Limitless Technology manages your vendors, so you can manage and grow your business.
For Additional Information Contact us at: