When running a business, you’ll quickly find that technology is an integral part of your day-to-day operations. From software applications to hardware, there’s a plethora of vendors you interact with regularly. These could include names like Microsoft, Google, antivirus providers, telecom companies, and more. But as you work with these vendors, have you ever considered how you manage these relationships?

This process is called Vendor Management, and while it might seem straightforward, there’s more to it than just making sure the systems work. Let’s dive into what Vendor Management means for your business, how it can impact your productivity, and why working with an experienced Managed Service Provider (MSP) can save you time and money.

What Is Vendor Management?

Vendor Management refers to the process of overseeing all the vendors your business relies on. These could include cloud service providers, hardware manufacturers, software companies, and even companies that provide cybersecurity tools. Managing these relationships effectively is crucial to ensuring everything runs smoothly.

Some key questions to ask yourself include:

• Do you keep track of your vendors and the best ways to engage with them for support?

• Are you prepared to handle issues related to software updates, security patches, and firmware updates?

• Is your staff adequately equipped to troubleshoot when things go wrong?

In many cases, managing these vendors can become a drain on your team’s time, taking them away from focusing on the core responsibilities that help drive the business forward.

This is where an MSP can help. Vendor management can be handled by your MSP either as part of their service or on an hourly basis. Understanding what’s included in your MSP agreement is crucial to avoid unnecessary costs and headaches.

Levels of Vendor Management Service and Support

Not all MSPs approach Vendor Management the same way. Depending on the level of support your business requires, there are typically three main levels of service:

1. Full Service

At this level, your MSP manages everything. When you face an issue, your team simply contacts the MSP. They will work with their internal team, research the issue, and liaise with the vendor to resolve the problem. This is the most hands-off option for you and your employees but also offers the highest level of comprehensive support.

2. Wingman

This level involves a more collaborative approach. Your MSP will be involved on the call, supporting your team and ensuring things go smoothly, especially when tech jargon becomes a barrier. They will help translate technical language to ensure your team gets the right solutions without getting lost in the weeds.

3. Power User Support

For highly skilled users or teams, this level offers a more hands-off approach. Your team works directly with the vendors and escalates issues to your MSP when necessary. This approach can be ideal for businesses that have tech-savvy staff who don’t need constant supervision but still require the occasional assistance when issues arise.

Why Your MSP’s Opinion Matters

When you roll out new technology or solutions for your business, it’s crucial to get input from your IT team and MSP. After all, your MSP has extensive experience in assessing solutions and understanding what will work best for your team.

Your MSP can guide you on the following:

• Reliability: Which vendors are known for delivering reliable products?

• Supportability: How quickly and efficiently can you expect support from a vendor?

• Suitability: What technology aligns with your business goals and IT infrastructure?

Relying on your MSP’s expertise ensures that your business isn't jumping on the latest technology trend without fully understanding the long-term impact it might have.

Vendor Management and Your MSP’s Plan

Vendor Management can often be a hidden cost, depending on how your MSP bills for this service. Some MSPs charge for Vendor Management on an hourly basis, which can quickly add up. However, others incorporate it into their standard service plans, recognizing that it’s in everyone’s best interest to maintain a seamless vendor experience.

At CyberStreams, for example, Vendor Management is included in every plan at no additional cost. By being proactive and efficient in managing vendor relationships, we ensure that our clients never have to worry about hidden fees or additional service costs. This approach helps us maintain a high level of support and builds long-term relationships with both vendors and clients.

Conclusion: Why Vendor Management Shouldn’t Be Overlooked

Effective Vendor Management can be the difference between a smooth-running IT infrastructure and a chaotic, time-consuming ordeal. By understanding the different levels of service, the value of your MSP’s opinion, and the cost of vendor management, you can make informed decisions that help your business thrive.

When selecting an MSP, ensure they offer comprehensive Vendor Management services that align with your business needs. Remember, this isn’t just about fixing problems as they arise—it’s about building long-lasting relationships that drive your business forward with minimal downtime and maximum efficiency.

Choosing an MSP that understands the intricacies of Vendor Management will not only save your employees time, but also enhance the reliability and security of your technology solutions. So, take the time to review your current vendor management strategy, and consider how partnering with an MSP can help streamline the process and reduce unnecessary headaches.