Implementing Outcome-Based Vendor Management
Considering the cost of vendors, it’s in your organization’s best interest to monitor whether or not they are delivering on the value promised. Unfortunately, in enterprise business, that’s rarely the case.
There are specific expectations for every vendor your company enters into contract with, but without a value-based framework in place, it can be difficult to maintain alignment on your desired outcomes. Many vendors fail to provide proof of performance because they aren’t held accountable to do so. As a result, your loyalty becomes the unintended side-effect of ineffective vendor management rather than the result of exceptional service.
In order to better manage your vendor network and protect your bottom line, you need to ensure vendors are continuously prioritizing value delivery through the pursuit of your desired outcomes.
MetaCX has built the Business Value Network, a first-of-a-kind network that companies join to manage the expected value from their business relationships. Built on a new computing paradigm broadly labeled as the metaverse, companies who join the Business Value Network are able to establish persistent digital connections with vendors, customers, and other stakeholders to align on strategic initiatives and monitor progress toward desired outcomes.
MetaCX 1:1 Vendor Management
The Business Value Network enables organizations to manage all of their individual vendor relationships in one, central location. By conceptualizing data instrumented from any application, system, or digital endpoint, MetaCX offers a real-time, comprehensive view of vendor performance, providing insight into which vendors are delivering their intended value and which are falling short. What’s more, you can also benchmark vendor performance across specific metrics to determine what “good” looks like.
To ensure accountability, you’re able to share this information directly with vendors through MetaCX bridges—co-owned, digital spaces where two or more organizations are able to come together to align on desired outcomes, create action plans, monitor performance metrics, share assets, and more.
MetaCX for Ecosystem Alignment
Innovation often requires working collaboratively with multiple vendors to capitalize on the value and capabilities each vendor brings to the table. The Business Value Network gives you the ability to align with multiple vendors simultaneously. By tying numerous vendors to an initiative, your company can visualize the impact each vendor has on an initiative’s success as well as understand the cumulative effect of your entire vendor network.
How businesses manage their business relationships is changing in a major way. The future is now and MetaCX is leading the transformation. Request a demo to learn more about how you can implement value-based vendor management in your own organization.