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Effective vendor management plays a critical role in ensuring the successful delivery of IT projects. In today’s complex business environment, organizations often rely on third-party vendors for specialized services, technology, and support. However, the collaboration between organizations and vendors presents challenges related to communication, quality control, cost management, and timely delivery. Enhancing vendor management practices can address these issues and lead to improved project outcomes. This paper explores strategies to optimize vendor management for IT project delivery. Key areas of focus include establishing clear contractual agreements, fostering transparent communication, and aligning vendor performance with project goals. Additionally, it examines the role of relationship building and regular performance evaluations to maintain high standards throughout the project lifecycle. By implementing risk management techniques and utilizing performance metrics, organizations can mitigate potential issues and ensure vendors meet their deliverables on time and within budget. The study also highlights the growing importance of technology in vendor management, such as the use of automated tools for monitoring vendor performance and improving collaboration. In conclusion, strengthening vendor management practices can lead to increased efficiency, reduced project delays, and enhanced overall success in IT projects, making it a crucial aspect for organizations aiming to deliver high-quality outcomes in today’s technology-driven landscape.
Balasubramaniam et al. (Fri,) studied this question.