Article at a glance:
Most executives know the benefits—such as more insightful advice and comprehensive solutions—of strong partnerships with vendors. In many industries, these advantages can be pursued by developing long-term relationships, but few companies have been able to do that with their IT vendors. A recent McKinsey survey shows that although many organizations aspire to closer ties, the behavior of these companies often conflicts with this objective.
The take-away
To create higher-impact vendor relationships, companies should analyze their portfolios of IT vendors to determine which are critical and then communicate their needs and expectations more clearly.
This article includes the following exhibit:
- Exhibit: Analyzing the gaps between current and desired vendor relationships