Benefits of consolidating vendors

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So keeping your big customers happy is priority number one — it’s exactly the same for your vendors.

When you buy more from one vendor, you can trigger the Pareto Principle and may get more attention and responsiveness from said vendor, which is exactly what you want.

Traditional thinking would tell you that putting all of your eggs in one basket is not the right decision, especially when it comes to vendor management.

There is some validity to that statement if you choose the wrong vendor, but when you find the right vendor-partner with a high service level agreement and a dedication to your business goals, it can be well worth it.

This is where a managed services approach makes sense.

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One way to reduce all these headaches is to keep things simple.Vendor consolidation may help you improve your time management by having a “single point of contact” (SPOT) for several categories.When issues arise, you’ll know exactly who to call (your SPOT), and may get problems resolved faster since your vendor is likely motivated to maintain a strong business relationship with you.These direct benefits related to cost also extend to delivery costs, better warranties, the availability of better offers and customer loyalty programs (which bring you an array of benefits).When you buy more, you get more attention from any vendor, according to Entrepreneur.

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