How Does IT Vendor Selection and Management Work?

Abhinav Anand | May 4, 2022 | 56 views

How Does IT Vendor Selection and Management Work?

What Is the Importance of IT Vendor Selection and Management?

Ideally, the IT vendor management process is an umbrella term for all the processes and systems organizations use to manage their IT suppliers. This is where an organization works with vendors to optimize its supplies and services. There could be several vendors an organization is associated with for unique services and offers.

With proper vendor management, an organization can take appropriate measures to control costs, reduce potential risks, and ensure excellent service delivery.

But the catch here is that it isn't as easy as it sounds. This includes researching the best available vendor, sourcing and obtaining pricing information, gauging the quality of work, managing relationships, and evaluating performance by setting organizational standards.

Most Common Challenges in Vendor Management

Even though there are many benefits, organizations face certain challenges during IT vendor selection and their management. Some of these most common challenges are mentioned below:

  • High administrative costs
  • Incomplete documentation
  • Non-compliance
  • Poor vendor relationships
  • Security breaches
  • Supply chain inefficiencies

While there were some nuanced changes in the selections between various businesses, both large and small, the results indicate that organizations often face the same challenges no matter where they’re coming from.

How Do IT Vendor Selection and Management Help an Organization?

In contemporary times, with geographical and economic barriers constantly diminishing, organizations look for different types of vendors worldwide. Even if the organization is working with just one vendor, it is essential to have effective vendor management in place. With proper vendor management, an organization can experience the following benefits:

Better Selection

With the right vendor, your organization can benefit from a more extensive selection of vendors, resulting in more choices and better costs.


Better Contract Management

If there is multi-vendor management in place, your organization can benefit from a centralized view of the current status of all contracts and other useful information. This will enable your organization to achieve better decision-making capabilities.


Better Performance Management

Using a vendor management system, an organization can get an integrated view of the performance of all the vendors. This would give your organization a clear understanding of what is working and what is not.


Better Vendor Relationship

Managing multiple vendors at the same time can be a difficult task. By accumulating all vendor-related information in a single place, organizations benefit from getting all required information at once, and this can influence your decision-making process.


Exploring the Ideal Process of IT Vendor Selection

In a world where we are constantly progressing with increasing IT specialization, organizations must be able to rely on their partners. There are some specific steps that an organization can take up to make the whole IT vendor selection process more successful.

The six-step process of ideal IT vendor selection:

  • Kick-off and requirement definition
  • Market research and first vendor filtering
  • Request for proposal
  • Evaluating responses
  • Proof of concept
  • Choosing the vendor

There are also some common mistakes that organizations make while selecting their vendor. Some of these common errors are listed below:

  • Not evaluating the vendor and only their offerings
  • Communication indiscretion
  • Not comparing vendors or similar stature

Today, outsourcing is increasingly used by companies as an enabler for innovation. Technological advancements drive improvements in service delivery, which positively impact cost, enhance functionality, improve service quality, and reduce the importance of location on service delivery. Disruptive technologies like cloud computing enable solutions such as Salesforce.com or ServiceNow to accelerate speed to value and drive business growth. This leads to a change from the traditional IT organization to the next generation IT organization. The operating model needs more agility to respond faster and at different speeds to new service offerings. Outsourcing models have reached their third generation and involve a multi-vendor environment, requiring more transparency and integrated vendor management.


Best Techniques to Improve Vendor Management

The vendor management process is a crucial component for any organization, as it allows them to build a relationship with their suppliers and service providers that would help strengthen their business. Vendor management is not only about negotiating the price; the most essential aspect is coming to a conclusion that would mutually aid both organizations.

Some effective techniques that can be utilized for effective IT vendor management are:

  • Share information and priorities
  • Balance commitment and competition
  • Allow critical vendors to help you strategize
  • Build partnerships that would last long term
  • Try to understand your vendor's business process
  • Negotiate and conclude with a win-win agreement
  • Come together on value


Conclusion

Ideally speaking, vendor selection and managing that relationship can sometimes be challenging. Once you follow the process mentioned above to select the right vendor for your organization, the steps ahead will get a little easier. However, there is still the process of managing and building that relationship with the vendor.

"The objective of vendor management is to fortify company success and overall marketplace performance."

- Sean-Michael Callahan, Principal at The NiVACK Group.

FAQ


What Is Vendor Management in the IT Sector?

The process that allows organizations to control costs, strengthen service, and reduce risks throughout the process of outsourcing to vendors while getting the most value from the investment is called vendor management in the IT sector.


What Is a Vendor Selection Process?

The vendor selection process is a subsidiary stage that allows for the clear stating, defining, and approval of those vendors who are eligible to meet the requirements of the procurement process.


What Is the Role of Vendor Management?

The vendor management process ideally facilitates and maintains relationships between your organization and vendors, negotiating contracts, creating standards for the vendors, and finding the best available vendors.

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Article | June 10, 2022

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Article | June 1, 2022

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Cycle.io’s Low-Ops Developer Platform Adds NVIDIA GPU Support

Cycle.io | August 04, 2022

Cycle.io, an up-and-coming low-ops application deployment platform, is thrilled to announce the support for NVIDIA’s data center-class line of GPUs. This enhancement of the platform enables developers to build GPU-accelerated applications which require a high level of computing power for scientific and engineering purposes: One Platform With Batteries Included: Cycle provides all the necessary features development teams need to deploy, scale, and monitor everything from basic websites to complex SaaS and PaaS applications. Multi-Cloud Container Orchestration: Enables developers to use the tools and technologies they’re already familiar with across multiple cloud providers in parallel. Ultra-Current Infrastructure With Control: Organizations are able to maintain control and ownership of their infrastructure while the Cycle platform ensures that all servers are always current, with the latest updates being deployed on a semi-weekly basis. Turnkey Team Collaboration: Easily add and remove developers from your team, and infrastructure, all with a few clicks. Cycle makes it easy for developers to gain observability over the individual components that make up today’s modern applications. The launch of Cycle’s GPU support coincides with Vultr’s release of their new GPU-line of cloud servers, built upon the NVIDIA A100 GPU. Vultr, a leading independent provider of cloud infrastructure, provides both virtualized and bare-metal cloud infrastructure across 20 regions globally. Through the Cycle.io and Vultr partnership, developers can easily deploy performance-sensitive, GPU-dependent applications at a price point that makes sense for all use cases. “Because of the additional power of a massively parallel architecture, GPUs make it possible to handle multiple tasks simultaneously, giving developers more compute power. There is a growing need for GPU parallel processing by developers of AI and Machine Learning big-data intensive solutions. With containers, this has been very difficult for the architect. But with our new partnership alongside Vultr, Cycle is making this simple to do for developers.” Jake Warner, CEO, and Founder of Cycle.io. “We greatly value our partnership with Cycle. Now that Vultr is offering VMs and bare metal accelerated with NVIDIA A100 Tensor Core GPUs, customers can use Cycle and Vultr together to easily run containers for deep learning, high-performance computing, and data analytics workloads,” said J.J. Kardwell, CEO of Vultr’s parent company, Constant. About Cycle Cycle is the all-in-one low-ops platform built for deploying, scaling, and monitoring your websites, backends, and APIs. With automatic platform updates, standardized deployments, a powerful API, and bottleneck crushing automation—the platform offers batteries included, and no DevOps team is required. Founded in 2015, the company is headquartered in Reno, NV.

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FUTURE TECH

Vendr Launches 2.0, The Most Complete SaaS Buying Platform on The Market

Vendr | August 10, 2022

Vendr, the world’s first SaaS buying platform, today announced the launch of Vendr 2.0, the most complete SaaS buying platform on the market. SaaS is a top-three line item expense, but most companies aren’t getting the appropriate return on their software investment. Vendr 2.0 harnesses Vendr’s SaaS purchasing and SaaS management products, combining the power of seasoned negotiators armed with insights from over 13,000 deals alongside robust software featuring an integrated system of record. Now, enterprise customers will be equipped with an unprecedented level of visibility into which software their teams are buying and using — in one central location. This enables leaders to reduce overspend and eliminate duplicative products. Most importantly, it unlocks insights that lead to better software choices and faster procurement at lower prices. The launch comes on the heels of the company’s recent ​​$150MM Series B, co-led by return investor Craft Ventures and new investor SoftBank Vision Fund 2––which brought the company into Unicorn status––and its acquisition of SaaS management company Blissfully earlier this year. “The software purchasing process is broken and becoming all the more cumbersome as companies everywhere work to cut costs, as they seek to do more with less. “The introduction of Vendr 2.0 enables organizations to manage their second-highest expense––software––more effectively than ever before, while reducing the difficulties surrounding the process. Vendr 2.0 aims to be the most complete, no-brainer, SaaS buying platform on the market –– and one that pays for itself.” Ryan Neu, Vendr CEO and co-founder The standard buying process historically wastes time and resources for both software vendors and customers. Vendr enables businesses to maximize the return on their SaaS investments through cost savings and more efficient spend, improving stack visibility across the organization. Composed of the best industry data of more than 2,000 SaaS suppliers, Vendr 2.0 is facilitating critical transformation in how organizations purchase and manage software. Tapping Into Transparency Software buying is a perpetual process and it no longer makes sense to have buying and supplier lifecycle management exist in disparate places. By bringing everything into one place, companies layer the benefits of an expert service team and deep SaaS insights into an integrated system of record that offers unparalleled visibility into their stack. Using Vendr, customers can take a proactive approach to their SaaS spend, equipping their teams with the best software while saving money. Buyer <-> supplier: Vendr offers insights and negotiation support to help buyers and sellers quickly evaluate whether a deal is fair for both sides, ensuring that the process continues moving along internally once it comes time to buy. Buyer <-> procurement function: Vendr provides visibility into internal approval workflows and offers fast-tracked ways to request purchases, leading to smoother relationships between buyers and their company procurement functions. Finance/procurement <-> department heads: With better visibility and faster purchase cycles, stakeholders can easily see the value-add of finance and procurement, ensuring compliance and keeping a handle on costs, leading to better business outcomes for all. This new platform builds upon the competitive advantages that Vendr has in the market as the category creator with the deepest source of supplier insight––based on thousands of deals––as well as the most seasoned negotiators in the industry. Vendr has processed over $1.5B in customer software spend and delivered over $240M in software savings to its customers. To see how much you could be saving on your annual software expense, get in touch here. About Vendr Vendr is changing how companies find, buy and manage SaaS. The first of its kind, Vendr's SaaS buying platform offers both a product and people-powered service to enable the world's fastest-growing companies to purchase software quickly and with guaranteed savings. Today, Vendr has facilitated over $1.5B+ in SaaS purchases across 2,500+ suppliers for Finance and Procurement teams at HubSpot, Brex, Canva, Reddit, Toast, and more. Headquartered in Boston with a second location in Charleston, Vendr was founded in 2019 by Ryan Neu and co-founders Ariel Diaz and Aaron White, who joined the team through the acquisition of Blissfully in 2022. The company has over 250 employees globally

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AI TECH

Deci Joins NVIDIA Metropolis to Accelerate Unparalleled AI Inference Performance

Deci | August 08, 2022

Deci, a deep learning company harnessing AI to build AI, today announced it has joined NVIDIA Metropolis — a partner program, application framework, and set of developer tools that bring to market a new generation of applications and solutions to make the world’s most important spaces and operations safer and more efficient with advancements in AI vision. Deci enables AI developers to build, optimize and deploy best-in-class deep learning models, delivering high accuracy tailored for any dataset, inference hardware, speed, and size requirements. Its platform enables unparalleled inference performance on the NVIDIA Jetson edge AI platform — which includes the Jetson Orin, AGX Xavier, Xavier NX and Nano modules — as well as server-based NVIDIA GPUs. With Deci, vendors can deploy complex models onto smaller edge devices, thus achieving real-time latency and maximizing hardware utilization. NVIDIA Metropolis makes it easier and more cost effective for enterprises, governments, and integration partners to use world-class AI-enabled solutions to improve critical operational efficiency and safety problems. The NVIDIA Metropolis ecosystem contains a large and growing breadth of members who are investing in the most advanced AI techniques and most efficient deployment platforms, while using an enterprise-class approach to their solutions. Members have the opportunity to gain early access to NVIDIA platform updates to further enhance and accelerate their AI application development efforts. Further, the program offers the opportunity for members to collaborate with industry-leading experts and other AI-driven organizations. “We are honored to be part of NVIDIA Metropolis and confident that our participation will enable us to reach more customers to support them in successfully deploying world-changing AI solutions. “AI teams can rely on Deci’s platform to build and optimize top-notch models at the edge, a real game changer for enterprises seeking to innovate.” Yonatan Geifman, CEO and co-founder of Deci About Deci Deci is a deep learning development platform, powered by a proprietary Neural Architecture Search technology. AI developers use Deci to build, optimize and deploy best-in-class deep learning models that are tailored for any task, dataset, inference hardware, and performance targets. Leading AI teams use Deci to accelerate inference performance, enable new use cases on edge devices, shorten development cycles and reduce inference computing costs. Founded by Yonatan Geifman, PhD, Jonathan Elial, and Professor Ran El-Yaniv, Deci's team of deep learning engineers and scientists is dedicated to eliminating production-related bottlenecks across the AI lifecycle.

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