A Vendor Management Office (VMO) is an internal business function within an organization established to evaluate and manage relationships with third party vendors, including IT staffing vendors and your contingent workforce. A successful Vendor Management Office will improve vendor performance, reduce or mitigate client risk and improve accuracy of vendor data.
Thriving enterprise organizations must typically manage hundreds of vendor contracts and millions or billions of dollars in spend – tasks that can often prove difficult and complex to many employers. To simplify and streamline their approach to vendor management and future proof their contingent workforce with the right technology, organizations are adopting more formalized vendor management programs.