myTECQ provides IT solutions for banks, credit unions, and other financial service companies. While there are many companies that improve IT systems, we are uniquely qualified as the IT experts for the financial industry.
Vendor management is the means by which an organization evaluates & manages interactions with its third-party providers, aka vendors. These are the outside companies which provide your organization with goods and services necessary for your business to thrive. Vendor management requires day-to-day interaction with current vendors and constant management of the long-term relationship. It requires researching new vendors while simultaneously keeping up to date with past ones.
It then also includes controlling all associated costs, negotiating contracts, monitoring service performance & delivery, and mitigating any potential risks with vendors. Your company should rest assured that both the right quality & quantity of contracts are in place, and that the appropriate KPI’s are set and being measured for each.
Every company should have a vendor management system in place. It is essential for the organization to run smoothly. myTECQ is happy to provide that solution for your financial institution. Once implemented, our vendor management system will help you create much better relationships with suppliers, ensuring your future growth & success.