fbpx

Save Time by Outsourcing Vendor Management

Vendor management involves many activities related to the suppliers you use to run your business. Everything from selecting vendors to negotiating contracts, to reducing risk and delivering services will impact your business.

Any business that works with suppliers of products or services needs to have good vendor management practices. This job is essential to ensure seamless business operations and to maintain an amicable partnership with the suppliers.

Depending on the type of business you’re in, you might work with vendors from diverse industries and of different sizes. These include IT consultants, security personnel, financial advisers, cleaners, and a lot more. If you self-manage your vendors, you know how much time is involved.

How Vendor Management Helps Your Business

Proper vendor management is not an option, but a necessity for practically all businesses, including small and medium-sized operations. We should give vendor management the priority to fulfill your business objectives. Procedures like reducing expenses, expediting your onboarding process, and ensuring timely delivery of services and goods are just a few examples.

The following are some of the specific business benefits you can enjoy if you have an efficient vendor management system in place.

Selecting the Best Vendors

Each product or service you use will have hundreds of potential providers. Good vendor management practices can make the process easier and faster. It will give you more choices and a better comparison of quality and prices.

Keeping Track of Supplier Performance

As your business grows and you work with more vendors, it will get harder to keep track of the value of each one. An efficient VMS will give you a better view of all the information about your vendors, from the initial contracts to pending deliveries of purchased goods. With this kind of integration, you can monitor your vendors better and judge how much they contribute to your business.

Improve Relations with Suppliers

Proper vendor management takes into consideration what is best for everyone involved. It’s not just about getting the best services at the lowest possible prices. It also provides security to the vendor, which protects both their business and yours. With both of you benefiting, you will enjoy a lasting business partnership.

Get Better Rates

It’s hard to find the best deals if you randomly look for suppliers. But with a vendor management system in place, you can easily compare rates and quality, enabling you to get the best value for money.

Minimize Supply Chain Disruption

The moment any part of your supply chain comes to a halt, everything else is affected, all the way to the customers. There are many reasons why this could happen, and some are unavoidable, but with the help of a reliable VMS, the risks will be minimal to nonexistent.

In-House Vendor Management vs. Hiring a VMS Provider

Now that the importance of vendor management is clear, the only question that remains is how to implement it for your business. One option is to create your own vendor management process, and the other is to hire a VMS provider.

Pros and Cons

Creating and running your own VMS is possible, and there are a few companies that will help you do this. You would have to create specific strategies that would include identifying business goals, monitoring KPIs, choosing the right vendors, and consistently monitoring their performance, among others.

As you can see, it can be a tedious and skill-dependent endeavor. There are some VMS programs that you can download for free that can help. You also don’t need to spend much if your in-house staff handles the process. However, unless you only work with a couple of vendors, doing your own VMS might prove too taxing in the long run. Especially if you are not up to speed in this area of business.

Looking into Hiring a Professional VMS Provider

By hiring a VMS provider, you will gain access to the most advanced vendor management tools and experience the most efficient processes. Think of the time you’ll save!

You can cut business expenses by a considerable amount, enhance communication with your suppliers, boost profits, and increase customer satisfaction, among many other benefits. Best of all, your VMS provider will take care of all this for you. Most importantly, so you don’t need to take your staff away from their primary responsibilities.

The one drawback of hiring a VMS provider is that you will have to pay a monthly fee for the services. However, it won’t take long to figure out that the returns will be greater, and the expense is worthwhile.

We can help!

Our upcoming webinar is perfect if you want to learn more about vendor management. Or more importantly if you want to upgrade your current VMS. Just click here to sign up. Listen to business experts share their knowledge on the subject and get the chance to ask questions afterward. We’ll see you there and if you would like to speak to us directly, give us a call!

Vendor Management
Latest Technology

Is Your Business Lacking the Latest Technology?

Do you have time to keep up with the latest technology? Your business potential is limited by the kind of IT infrastructure you use, and the technology hardware programs that you have installed. No matter how big your company is, it will be hard to grow if you are still using the same tools that you used a decade ago.

Businesses Can Gain by Staying on Top of Technology

It’s a given that multinational corporations need sophisticated technology hardware and programs to maintain their massive global operations. For small and medium business enterprises today, it’s not much different. Even if you are just starting out or operating a relatively small local operation, there is a lot you can gain by using technologically advanced tools and equipment run your business.

Better Performance

When new hardware comes out, you can be sure that it will be faster, more powerful, and ultimately more efficient than its predecessor. By keeping up with the updates, your business will maintain a superior level of performance.

Less Downtime

While the installation of new hardware will cause some delay, once it is complete, everything will run well. Computer equipment will crash more frequently as they get older, but this will not be a problem if your hardware is always up to date.

Improved Security

The risk of cyber-attacks is becoming more pronounced as technology advances. Leaving hardware manufacturers do their best to keep up by providing much needed protection. With added features and advanced security systems, new equipment will keep you safer. Especially if you haven’t been running updates or installing patches.

Let’s take a look at some Technology Challenges faced by small businesses.

Lack of Expertise

One of the most prevalent issues that business owners must deal with in terms of technology is their lack of expertise. Not everyone is a techie at heart. Even if they want to learn, most CEOs do not have the time to do so as they are fully engrossed in running their business.

Pesky Constant Upgrades

Another challenge is the constant need to upgrade whenever a new version or an updated model comes out. Even if the machines they are currently using are still serving their purposes, many businesses feel pressured to purchase new equipment in order to keep up with the competition and keep their share of the market.

The High Cost of Equipment

Alongside of frequent updates comes the problem of excessive expenses. Since constant spending is not practical for many small businesses, compromises must be made. Usually, this involves sacrificing new technology and staying with the machines that have been with them for years. You can see why these businesses fall behind their updated competitors.

An MSP Can Solve Your Technology Hardware Roadblocks

A reliable MSP will set you up with the latest hardware you need for your business. From smartphones to POS machines to your own dedicated cloud server – whatever you need, your provider will be able to install for you. Not only that, but their service agreement might also contain brand-new gear and software. They will automatically update your equipment to new versions when they come aboard.

One good thing about this is that you do not have to shell out thousands of dollars to acquire the newest hardware. Depending on your contract, your use of the provided hardware will already be included. With the fixed monthly dues that you pay your provider will save you a considerable sum in the long run.  While also ensuring that your business always stays on top of technology and ahead of your business rivals. In addition, an MSP will also provide training for your employees. So that they can run the hardware without any problems and be better able to spot cyberattacks.

Need More Info

With the help of an IT managed service provider, you can easily operate your business using state-of-the-art equipment. Without breaking the bank. If you are still on the fence about signing up with an MSP, joining our webinar might help you decide. Just sign up here and we’ll see you at the webinar! If we can be of further assistance please feel free to contact us.

Technology-Business-Consulting

Use Technology Business Consulting Services to Stay Ahead of the Competition

The way you run your business changes daily in our digital world. Most of our operations and transactions take place online. If your business does not have the latest IT solutions, your customers might pass on using you in favor of your more advanced rivals in the industry.

One problem is that many owners of small and medium-sized businesses are not technologically proficient. When faced with IT-related issues, most people will be clueless. Think about it. When you’re ready to take the next step in protecting yourself from hackers, consolidating your network will be a good idea. Hopefully not too often, because these situations can be debilitating for any business.

How Technology Business Consulting Can Help

Some business owners retain an IT professional in their payroll to handle such issues as a safety measure. But on the other hand, more businesses now prefer outsourcing technology business consulting services. Let’s look at some of the reasons why.

Provides a Cost-Effective Solution

Compared to hiring regular tech experts, technology business consulting services from a third-party provider offer a much more viable solution. They still come at an expense, but it is worth it. IT experts have extensive knowledge and experience and can resolve almost any technology-related issue swiftly within your budget.

Update Your Systems with the Latest Technology

Technology business consulting is not just for existing problems. It is also valuable for providing solutions before problems even happen. The complete IT system assessment will help you stay up-to date with all of your tech needs. When you work with an expert, you might be surprised at how much your business improves when you use more advanced technology.

Many parts of your business can now be done automatically, like payroll, inventory, and marketing. A technology business consultant can help you identify which of your processes can be automated. This improvement will allow your employees to spend more time and effort on the core focus of your business rather than on routine tasks.

Keep Your Business on Track

A reliable technology business consultant will not only provide you with the technology solutions you need. But he will also constantly monitor your business performance. Your success reflects their success, so you can be sure that they will do what they can to keep you on the path towards growth and development.

Offers Highly Versatile Technology Skills

The IT skills that a technology business consultant can provide for your company are truly amazing. They may specialize in specific areas, but most have a broad range of knowledge in many systems, functions, and sectors. No matter what kind of technical problem you might be having, call your consultant. They will offer an effective solution shortly.

Choosing the Right Technology Business Consulting Company

There are many excellent IT consultants out there, but you must make sure that you pick the most suitable one for your business needs. Check ratings and feedback from past clients and take a close look at their portfolios before even setting up an appointment. Always read through their website to learn about the services they provide

Most technology business consultants offer a free initial consultation. During the consultation, ask crucial questions that will help you identify if they are the right pick for your business. Describe your business and your goals thoroughly and pay attention to their solutions.

Time to Get Started!

The process of finding the right IT consulting company may take a long time and even become complicated. But the benefits will be worth your efforts. If you want to learn more about how the right technology business consulting firm can benefit your company, sign up for our webinar here. Listen to our top consultants and find out how you can use our services to turn your business into a success!

Technology Business
qbrs

Making the Most of Your Quarterly Business Reviews

Quarterly business reviews, or QBRs, are among the most valuable tools you can use to check the health of your business. These reviews give a clear assessment of your company over the previous 90 days or so. You can use them to improve the weaker aspects of your business. Unfortunately, some companies do not get the proper feedback from their QBRs. Most likely because the quality of the QBR is not that strong.

If you do not have a managed service provider and are handling all your IT internally, then you must conduct your QBR as well, which may not be an easy task, as you will quickly see. If you have already partnered with an MSP to handle your company, they will provide QBRs. The question is whether your MSP is giving you an accurate and unbiased review or not.

How an MSP Provides QBRs for Your Business

When you hired your managed service provider, it was to help you with many of the IT-related processes in your business. As well as manage routine system procedures so that your in-house staff could concentrate on the core of your business. During the QBR, your MSP will present how their services have impacted your business.

The MSP will do this with summaries of how each aspect of the business has performed. They might also use quantitative analysis to illustrate how well or poorly the business has performed. The MSP will highlight the areas that need attention and the areas that are in good shape.

What to Expect in Your Review

The quarterly business review is your chance to put your business in the best possible position for continued growth and success. At the same time, it also functions as an evaluation of what your current IT provider has been able to help you achieve your business goals for the past quarter.

Some of the standard inclusions that you can expect in your QBR are as follows:

Review of Goals Achieved

Based on the goals and KPIs agreed upon when you hired your MSP, they will present a list of which ones have been achieved and a summary of how they accomplished them.

Assessment of Performance

The provider will also give you an overall assessment of their performance by scoring all the individual aspects that they manage for your business. Such as hardware, network security, cloud-based services, inventory, and more.

Presentation of Strategic Challenges

The QBR will alert you to the areas of your business that need special or urgent attention. If any items are at risk, they will be included in the challenges section of your quarterly business report.

Important Actions to Take after Receiving Your QBR

Upon receiving your QBR from your MSP, go through it thoroughly and use the evaluation to make your business run smoother. Increase customer satisfaction, and ultimately drive more profits.

At the same time, use the QBR to gauge the value that your current MSP is contributing to your business. If there is constant and sizeable growth, your MSP must be doing a good job.

If you want to learn more about how to make the most of your QBR to improve your business. Join us at our upcoming webinar by registering here. At this event, you can learn straight from the experts as they discuss this topic in greater detail.

Technology

Be Proactive So Your Business Technology Doesn’t Fall Behind

Even fundamental operations are now significantly dependent on technology in most firms. Business owners should realize that using the latest technology is beneficial for usefulness, versatility, and overall productivity.

Adapting to the Changes

In the ever-evolving world of technology, today’s most modern and cutting-edge devices could be rendered obsolete in just a few years time. And you may have already purchased yours! Before that happens, though, you would probably have already upgraded to the newest version of the device, which will need to be upgraded again in a few years time, and so on… This phenomenon repeats itself in many other areas of our lives too – especially those connected with keeping up with the latest fashions and trends. The cycle keeps repeating itself to this day, but will it always be this way?

Reactive vs. Proactive

Most firms don’t have a proactive strategy, which is not the ideal answer due to the rapid pace of technological growth. Plan for when new technologies will be released and implement them accordingly. They will be able to keep ahead of the group in this manner. You’ll be several steps ahead of the competition by the time the rest of the industry learns about the innovations because you’ll already have them up and running in your system.

However, in practice, most organizations use a reactive strategy. Many businesses address issues only after they become chronic rather than before they become a problem. They may find a solution, but it does not make them proactive. Hardware and software updates are generally late or only done when necessary due to time, budget, or logistics restrictions.

Keeping Up with Technology’s Challenges

If you don’t want your company to fall behind the competition, you must constantly catch up with technology. It can, however, be exhausting, time-consuming, and expensive. Consider the thousands of dollars you’d have to spend every two or three years or so on new hardware and other devices. Consider how much time your employees would spend updating the company’s software packages regularly, followed by even more time learning how to utilize the new versions.

What about businesses that lack the financial resources to keep up with the frequent changes and updates? Despite these obstacles, it is necessary to keep up with technology and work toward business growth and success.

Keep Up To Date with A Dependable MSP

Would it be possible to be proactive so that your business’s technology doesn’t fall behind? There is, thankfully, a solution, and that is to hire a reputable MSP.  A managed services provider, or MSP, can help businesses run more efficiently when working with IT. One of the many things they can do for your company is to take a proactive approach to technology maintenance. You won’t have to worry about staying on top of new updates or keeping an eye on your system for indicators of trouble. Because they’ll take care of it. Let’s look at some of the more noticeable advantages that utilizing a proactive approach to your IT can provide.

Improved Safety

The tools used by hackers and cybercriminals are evolving at the same rate as corporate technology. Being proactive, an MSP should provide cutting-edge cybersecurity solutions to protect your data and business from online threats. They’ll find weak spots in your system that need to be strengthened and address them to keep your business safe and allow for speedy recovery in the event of an attack.

Little Downtime

When a system fails unexpectedly, the entire organization could endure significant downtime as your in-house IT staff tries to get the system back online. Business operations will essentially halt at this time, and you will most certainly lose a significant quantity of money. The majority of downtime may be minimized or avoided altogether with the assistance of an MSP. Regular preventive maintenance, and system updates, can be scheduled around business hours to minimize the impact on business operations.

More Efficient Performance

It’s not only about avoiding difficulties when you’re proactive. It’s also about boosting productivity and streamlining corporate operations. By integrating shared applications and automating business processes, you can dramatically improve your organization’s performance.

Last Thoughts

Staying current with technology relevant to your organization takes a lot of time, effort, and money. Fortunately, if you have a dependable MSP, it is a lot easier and more cost-effective. If you’re unsure if your provider is giving you the best options, use these 7 audit questions to verify their performance. Give us a call if you’re not happy with what you’re getting from them. We’ll discuss the technology we’ll employ to keep your company ahead of the competition.