5 Questions to ask before buying a VRM tool
Finding the right vendor risk management (VRM) tool is a unique process for every organization, as needs and requirements vary across program maturity, industry, and company size. While most organizations seek to increase efficiency with automation capabilities, there are other things you need to consider when you explore the market.
These questions will help you choose the best supply chain risk management tool that will take your program to the next level.
1) Are there hidden costs?
There are low-priced vendor license packages in the market that require the purchase of additional service and maintenance to make them fully functional. This impacts both the initial investment and annual renewals.
You’re obviously looking for a good deal that adds value to your business without draining your budget. But when it comes to pricing, you need a transparent offering.
Pro Tip: Investigate whether the package includes everything you need for your vendor risk management program, from unlimited assessments to flexibility of configuration.
