Five Steps to Success in IT Vendor Management

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It is possible to harness the power of  “disruptive and new technologies to deliver sustained value advantage” while “understanding and anticipating downstream consequences” of these emerging technologies, according to a recent piece by CFO Magazine.CFO offers five tips for IT vendor management – the vendors whose new technology is keeping your IT operations up and running. Ignoring IT vendor management results in a “high risk of losing control.”

The five tips are:  1) Understand what forces are at play in your vendor’s environment.  2) Link your risk appetite to the capability of the vendor.  3) Be wary of vendors that may be too big to fail and too big to negotiate. 4) Be certain what your vendor contract is really worth. 5) Agree on your divorce terms at the start.
To read about any and all of these essential ideas,  click here for the complete article.

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