The most successful businesses are data-driven. When your company works with multiple vendors, it’s even more important to be able to accurately assess their performance based on hard data. Visibility into business processes through accurate data, cleanly displayed in reports and dashboards, leads to superior vendor management.
Vendor management is a challenge when you don’t know what vendors are actually doing in real time. When data is hard to gather and visualize, it becomes much less useful. Powerful reporting and dashboards in a project management platform empower organizations to select the best vendors for their business.
Report data accurately
Your data has to mean something to your organization. It needs to be customized in order for it to provide as much insight as possible. Your project management platform should have a variety of templates that are customizable to fit your needs — flexible and tailored to fit your processes. Your organization has unique projects and unique vendors so your solution should reflect that.
Standardization is the key to keeping an organization with a lot of projects and many teams efficient. A good reporting system saves your organization precious time. Don’t let project managers spend six to eight hours a week pulling data for reports from spreadsheets. Keep your projects on-time and on-budget by freeing your project managers. Pull data from projects in real time to make the best vendor decisions for your business as soon as possible. Vendor management is made simpler and clearer with a standardized reporting process.
Get a holistic view of your data
Create dashboards to visualize and organize your reports. Display your data in the clearest way possible to quickly discover shortcomings or reveal areas of strength. Easily analyze multiple vendors, past and present. Dashboards automate and centralize your data so your team has access to the right information at the right time. Get rid of as many manual processes as possible with a proper project management platform. Save your organization valuable time every day and in the long run with automated reports and dashboards.
Make data-driven decisions
Vendor management means selecting the best vendors for your business. Data grouped and visualized in your reports and dashboards are vital to getting to the right decision efficiently. Your organization must constantly consider vendor contracts, quality of work, cost, vendor relationships, and turnaround times. Reports and dashboards that accurately and quickly display crucial data are invaluable. There are implications beyond project management. Decisions made here will affect the entire business. Data insights from your project management platform will ensure you can control cost and mitigate risks when evaluating vendor relationships.
