More and more companies are relying on business partners to deliver on strategy and daily operations to optimize IT or business outcomes. The problem: individuals outside the business have been given access to your network and data by extension, and this is where potential vulnerabilities exist. High adoption rates of Software as a Service (SaaS) platforms and other forms of outsourcing increase sophistication and open up new opportunities for data exposure every day. Vendor Management services have become an essential part of organizational privacy and protection of confidential data.
So what does this mean?
CIOs and IT leaders hold the responsibility of maximizing the efficiency and effectiveness of third party business operations delivery. This post is designed to help organizations understand where vendor management comes into play and how it can benefit their security program and their company as a whole. CIOs and other decision makers should consider the following benefits when measuring organizational and IT progress through vendor management:
Enhance Operational Visibility
Overall vendor risk can come in many forms, but what you need in a supplier relationship is transparency. Properly vetting your vendors includes the process of tracking and follow-up. Confirmation that your vendor is taking the necessary steps for data loss prevention offers you full visibility.
Working with trusted suppliers should be a long-term goal. Finding the right vendor for your business and maintaining a strong relationship can lead to the loyalty required for a trusted and co-operative approach to strengthening IT Ops both now and into the future.
Assessment Limits Risk
Compliance regulations are one thing, but how comfortable are YOU with your risk level? Assessing the vendors that have a hand in your business limits vulnerabilities and provides a layer of heightened protection. Vendors are aware that they are under review and an increase in deliverable quality and job performance leads to minimized level of risk.
Avoiding data breach gives companies a competitive edge. When all ducks are in a row, the brand equity has been protected. Data transfer is smooth and secure and the strong reputation of your company has been upheld.
Measure to Improve
The final step in understanding this process is determination of the positive impact that Vendor Management has on your organization – what works and what do we need to further assess with our vendors? Monitoring vendor activity to guarantee optimal performance and cost reduction are two key performance indicators to keep in mind. Much of the success of your IT operations relies on your selected suppliers and therefore, they must be properly assessed!