3 CIO Strategies to Improve Vendor Management

CIOs must leverage new technologies to improve vendor relationships, free up bandwidth and proactively manage vendors and contracts. Technology investments are key business drivers and vendor management teams have a critical role to play in supporting the CIO and their digital transformation vision.

Global spending on IT is expected to reach $4.5 trillion in 2022, an almost 8% increase from 2021. Understandably, nearly half of CIOs in a Harvey Nash / KPMG survey said the pandemic accelerated digital transformation efforts, new ways of working, and expanded IT budgets to match. The expanding role of digital technologies calls for a change in vendor management. By now, procurement and vendor management should be considered an integral part of an organization's overall business strategy. However, this is easier said than done.

Here are 3 key findings on how new technology can support the vendor management function and help CIOs achieve their digital goals with greater speed to market.