The right vendor management system can assist you in beating those vendor related challenges. Vendor management is the technique in which a company acts appropriately related to cost-control, risk mitigation, and the enhancement of deliverables. A contingent workforce platform assists in researching all kinds of candidates and choosing the most suitable vendor. Not only this, but it also is the one-stop solution to all the obstacles your business can come across. It is like a kick to your vendor management challenges.

Let’s get to know the 6 major vendor management challenges and their solutions in detail.

CHALLENGE 1 : OUTDATED / MISSING VENDOR DATA

Maintaining vendor records in folders on paper or on a spreadsheet is not that great of an idea in such a fast-paced world. Literally, everything is on a cloud, internet, or a device. The paper processes are nearly a dead thing. Spreadsheets are good for tiny businesses or start-ups that have people as many as their toes and fingers. Files get corrupted when you are totally dependent on spreadsheets. They could also be incomplete and old due to no updates made or difficulty in searching through lists and lists of candidates.

Solution:

A vendor management software that has a tracking system that checks records and updates them using artificial intelligence. Automation comes with FlentisPRO.

CHALLENGE 2 : MISSING DOCUMENTATION BY VENDOR

Manual paperwork is not an easy thing to deal with unless your business consists of ten people. Collecting certain documents of candidates is essential as it ensures that they comply with all requirements. Renewal of documents is another level of trouble. It would take a lot of time to chase down the vendor to get the data updated and despite that, something would still be incomplete.

Solution:

Use a contingent workforce platform because it tracks all the expiring documents and even sends you a reminder. It reminds relevant people to update their documentation before the deadline. Isn’t that convenient?

CHALLENGE 3 : DIFFICULTY IN FINDING THE RIGHT VENDOR

Organizations usually face constraints of time as well as resources when they are on the lookout for vendors with a specific skill. When the recruiting process is manual, it is bound to be difficult. Such processes don’t even really give you the result you were looking for, which makes the entire effort seem wasted.

Solution:

Automate the entire hiring and recruiting process with a talent pool that assists you in getting the right candidate with the skill set that you are looking for (that too in your budget!).

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