**London**: A recent report reveals that 64% of organisational leaders consider third-party risk management vital as reliance on external vendors escalates. The ServiceNow ITSM Vendor Management Workspace emerges as a solution to enhance oversight, streamline vendor performance monitoring, and address compliance challenges.
A recent report highlights that 64% of organisational leaders deem third-party risk management as an essential strategic imperative for their businesses. The growing reliance on multiple third-party vendors presents several challenges, especially in managing vendor performance, ensuring compliance, and maintaining cost efficiency.
Organisations face substantial risks associated with their increasing dependency on external vendors. These concerns extend beyond cyber risks, as companies must also navigate the complexities of vendor performance and adhere to various regulatory compliance measures. This situation underscores the critical necessity for enhanced oversight and effective risk mitigation strategies to manage the intricate web of vendor relationships.
In response to these challenges, the ServiceNow ITSM Vendor Management Workspace has been developed as a comprehensive solution that seeks to simplify vendor management. This platform offers a centralised space for real-time collaboration among stakeholders, automated workflows driven by advanced technology, and AI-powered insights to enable data-driven decision-making.
The ServiceNow ITSM Vendor Management Workspace is designed to streamline the entire vendor management process from end to end. It allows organisations to effectively monitor vendor performance, manage compliance issues, and enhance overall business outcomes. With the increasing complexity of vendor ecosystems, solutions like this one become imperative for businesses aiming to navigate the risks associated with third-party dependencies while striving for efficiency and accountability.
Source: Noah Wire Services
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