VRM, Vendor Relationship Management, is delivering significant financial benefits now in the B2B space.
"For example, one large bank in Northern California saw savings of $350K in less than six months by using the ITM VRM solution to implement an IT vendor management program. Much of this savings was accomplished because they gained solid information needed to rationalize and consolidate vendors and contracts. Within the first two months, the bank finally had an integrated system for easily seeing all contract expiration schedules and were able to proactively evaluate each contract well ahead of due dates in order to maximize contract renewal decisions." See article here.
It is inevitable that this large bank has long been an entry on multiple CRM databases held by their IT Vendors. Think of the potential savings and other benefits for individuals when we flip B2C to C2B and put such VRM tools in the hands of the consumer.
