Vendor management Definitions

  • B

    big data as a service (BDaaS)

    Big data as a service (BDaaS) is the delivery of statistical analysis tools or information by an outside provider that helps organizations understand and use insights gained from large information sets in order to gain a competitive advantage.

  • brand equity

    Brand equity is a phrase that reflects the perceived value of a known name, logo or other identifier, and how it affects an organization's ability to market products and services that brand represents.

  • brand recognition

    Brand recognition is extent to which a consumer can correctly identify a particular product or service just by viewing the product or service's logo, tagline, packaging or advertising campaign.

  • C

    chief procurement officer (CPO)

    A chief procurement officer (CPO) is an executive title commonly given to the person responsible for the strategic acquisition of goods and services at an organization. In addition to establishing the policies and processes to guide acquisitions, duties of a CPO include reducing costs and ensuring excellent supplier performance.

  • Cognos

    Cognos is IBM's business intelligence (BI) and performance management software suite. The software is designed to enable business users without technical knowledge to extract corporate data, analyze it and assemble reports.  

  • G

    gap analysis

    A gap analysis assesses the differences between the current and desired performance levels of a company's systems or applications.

  • R

    rightsourcing

    Rightsourcing is selecting the best way to procure a service and deciding whether a company is best served by performing a business requirement in-house (insourcing) or contracting it out to a third-part service provider (outsourcing).  Rightsourcing literally means "choosing the correct source."

  • S

    selective outsourcing

    Selective outsourcing is a targeted sourcing strategy that relies upon sending very specific functions and work off-premises while keeping other functions on-premises.

  • V

    vendor management office (VMO)

    A vendor management office (VMO) is an internal unit within an enterprise that is charged with evaluating third-party providers of goods and services, supervising day-to-day interactions and managing longer-term relationships.

  • vendor risk management (VRM)

    Vendor risk management (VRM) is a comprehensive plan for identifying and decreasing potential business uncertainties and legal liabilities regarding the hiring of 3rd party vendors for IT products and services.

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