How can an effective vendor management strategy be implemented in a large enterprise active in the insurance sector to efficiently integrate external partners?

Abstract

Through digital transformation initiatives, organizations rely more on external vendors to supply the necessary resources to achieve organizational objectives. In the multi-vendor environment, it is increasingly complex for enterprises to manage their vendors, especially in data-sensitive sectors such as insurance. Vendor management establishes and maintains relationships with an organization's vendors for the efficient delivery of goods and services essential to the organization's operations, and managing these relationships presents several challenges.