Businesses rely on vendors for several things, whether for services rendered or the acquisition of technology. Unfortunately, the act of managing so many vendors can be exhausting and downright time-consuming for companies. What is the forward-thinking company to do, and how can it overcome the challenges of vendor management?

Chances are, you most likely view your vendors as a necessary evil. While you have to work with them to get the things that your business needs to function, it’s hard to not think of everything else that could be accomplished in the time you spend dealing with them. Unfortunately, there are even more costs to dealing with vendors that you may not have considered.

As the business owner, are you the only person in your office who manages your company’s vendor relationships? Chances are that this is a huge responsibility, and one that consumes a significant portion of your time. While communicating with vendors is important for resolving issues or learning more about the service offered, it’s still a pain that you shouldn’t have to deal with.