Business Benefit:
Typically, only 20% of spend resides in the tail vendors. However, the combined risk they represent is significant. This represents a huge resource drain and the controls that need to be considered are:
- Increased risk of the unknown/unmanaged
- Data loss
- Reputational damage
- Inability to centrally control maverick
- Increased non-compliance against new regulations of tail vendors
- Missed opportunities to innovate
- Improved data quality and reporting
- Increased productivity per FTE
Renewal management
This includes setting up digital meetings and coordinating any exceptions that come out of these.
- Each Contractual Agreement: The current state of the contract arrangement. Have there been changes? Do there need to be some changes? Mutual understanding?
- External or Internal Factors – Have there been any recent changes that affect the products and services they provide?
- Forward-Looking – Supplying and reviewing roadmap to assess if needs are being met and they are on target.
- Challenges / Blockers – What are the concerns/challenges? Any inconsistencies or setbacks in the partnership?
- Financial Stability & Risk – Checking for signs of company instability.
- Regular reporting is provided covering the status of each meeting and any output that needs to be considered.
