Vendor Asset Management (VAM)

What is Vendor Asset Management?

Vendor asset management (VAM) is the process of managing assets that are owned by vendors but used by your organization. This includes assets such as equipment, software, and services.

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Why is Vendor Asset Management important?

  1. Reduce costs: By managing vendor assets effectively, you can ensure that you are only paying for the assets that you need and that you are not overpaying for them.
  2. Improve compliance: VAM can help you to comply with regulations related to vendor assets, such as those related to data security and environmental protection.
  3. Improve efficiency: VAM can help you to improve the efficiency of your operations by ensuring that vendor assets are available when you need them and that they are properly maintained.
  4. Improve risk management: VAM can help you to mitigate risks associated with vendor assets, such as the risk of theft or loss.

How to Implement Vendor Asset Management?

VAM can be a complex process, but it can be made easier by using a software solution. There are a number of VAM software solutions available on the market, so you can choose one that best meets the needs of your organization.

Here are some of the key activities involved in VAM:

  1. Asset inventory: The first step in VAM is to create an inventory of all vendor assets. This includes identifying all assets, their location, and their condition.
  2. Contract management: VAM teams also need to manage contracts with vendors. This includes ensuring that contracts are up to date and that vendors are meeting their obligations.
  3. Risk management: VAM teams also need to manage risks associated with vendor assets. This includes identifying and mitigating risks such as theft, loss, and data breaches.
  4. Vendor performance management: VAM teams also need to manage the performance of vendors. This includes evaluating vendors’ performance and taking corrective action when necessary.
  5. Disposal: When vendor assets are no longer needed, they need to be disposed of properly. This may involve decommissioning equipment, uninstalling software, and recycling materials.

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