Reliance on third-party organizations is more than just the new norm in business; it’s increasingly necessary to leverage the niche-specific expertise that only third-party providers can offer, allowing businesses to focus on their own core competencies.
Yet managing this third-party ecosystem of financial, IT, HR, and other providers can prove very challenging, and poor vendor management can make organizations vulnerable to unnecessary risks. Here are five keys to ensuring a successful, low-risk relationship.
The Hackett Group released a fascinating report last year – “The World-Class Performance Advantage: Seven HR Capabilities that Drive Performance Leadership” – in which they found that world-class HR organizations spent 37% less on HR per employee and serviced 59% more employees per HR FTE (full-time equivalent employee)!
Wholesale Services refers to sales of an enormous range of durable products, from professional and commercial equipment through motor vehicles and parts through electrical goods. It's a gargantuan industry that deals in $6 trillion in annual sales and, remarkably, is one poised for substantial growth.