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Building a Vendor Management Program
For law departments, today's business environment is making it increasingly difficult to manage, control or reduce costs while being able to achieve satisfactory results. In-house counsel are facing a dramatic increase in discovery costs, the associated expenses related to compliance and a growing emphasis on initiatives such as diversity programs within an increasingly challenging economic landscape. This is forcing companies to become more efficient in managing and controlling legal costs handled both internally by the organization and externally by outside counsel.
In order to create and succeed with any type of vendor management program, chief legal officers need a clear understanding of the expenses and other data related to this type of spend. For years, companies have been dutifully collecting data through their e-billing systems. Yet despite growing amounts of data, this type of information tends to just sit in databases. Many legal departments can't seem to find the time, or identify the processes, to proactively manage and utilize this data.
This process isn't nearly as daunting as it seems. By breaking tasks down into different steps and leveraging automation and technology, in-house counsel can fully leverage data to manage vendor programs.
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