Third parties are a double-edged sword. Weave them into any aspect of the business and value chain and it can help to improve profitability, provide efficiencies, fill skill gaps, create competitive advantage, and decrease costs. At the same time, they can be a liability by acting as conduits for data loss, delaying work, and exacerbating costs—harsh lessons many companies had to learn because of the COVID-19 crisis.
The pandemic has certainly reinforced the importance of effective supplier relationship management as it revealed our growing dependency on third parties and exposed some large third-party supply chain holes and other issues of which we were previously unaware. Wavestone Lead Principal and vendor management expert Kerrye Wasserman explores the strategies you need to handle the demands of third-party management in a post-COVID world. Watch this on-demand webcast to learn how to:
- Assess and manage third parties to create an environment that jointly maximizes value and reduces risk
- How to segment your vendors and deal with the scarcity of resources
- Bridge the partnership divide and develop value-based partnerships