With the growing role of vendors in the delivery of IT and business services, vendor management should be considered a core competency of every organization. Vendor management is not just a contracts management function—it’s designed to extract innovation and value, govern the suppliers, and leverage a strategic relationship to bring in new and advanced capabilities to the enterprise.
We guide our clients in the development of a true vendor management strategy that will align vendor success to business value, drive speed and efficiency with external partners, produce innovation that will enable new business models, and provide cost savings to fuel transformation.
Wavestone VMO Capability Development Process
Understand executive direction and requirements and build the initial business case.
Direction and Foundation
Develop organizational charter, policies, roles and responsibilities, artifacts, dashboards, and guiding principles.
Develop the scope of services, organizational structure, operating processes, and metrics.
Develop the implementation plan and execute.
Vendor Strategy and Plan
Perform spend analysis and develop the vendor strategy. Identify opportunities for supplier cost optimization by consolidating existing agreements overlapping technical capabilities.
We support our clients in the development of a self-funding vendor management capability through a detailed, step-by-step process from start to finish. Our vendor management capabilities include strategy assessment and design, implementation and optimization, and ongoing management and support.
Rick Letourneau has over 25 years of experience leading organizational IT transformational projects, including major engagements with several Fortune 50 companies.
Read More Chief among them: implementing a sourcing strategy and a set of infrastructure services contracts valued at $1 billion for a prominent healthcare organization, resulting in a 50% reduction spend in contracts over five years. He also led a project that resulted in a 15% reduction in storage operational expenses for a top medical supply company. Prior to Wavestone, Rick held senior level positions at Tata Consultancy Service, NorthHighland Consulting and Hewlett Packard, where he developed strategies and transformational programs centered on IT service management and IT optimization.
- Rick Letourneau has over 25 years of experience leading organizational IT transformational projects, including major engagements with several Fortune 50 companies.
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