How Innovative is Your VMS Provider? [Plus+]

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What does it mean when a technology provider is innovative — or not? Innovation has been defined as the application of better solutions that meet new requirements, unarticulated needs or existing market needs (Maranville, 1992). By this definition, is your vendor management system (VMS) provider innovative — or not? In this Spend Matters Plus brief:

  • We discuss why identifying and calibrating VMS innovation is especially important today.
  • We pose the obvious, practical question: How can you judge if a VMS solution is innovating?
  • We provide an up-to-date framework to help you make that assessment (based on specific innovation criteria specific to services procurement).
  • We suggest how to use this framework in the context of vendor evaluation and vendor management (performance/innovation management).

For full access to this Spend Matters Plus content: