Vendor Continuity must be part of a company’s overall resilience initiative
Third-party vendors have always played an integral role in supporting and growing other businesses. They are unavoidable and engrained in every part of today’s business operations. For large and enterprise companies, having more third-party vendors means more systems, resources, and technology at stake. Your success is intertwined with your partnerships with your vendors.
Supply chain management works to ensure goods and services are delivered and fulfilled as expected, but you can’t count on all third parties having a solid plan in case they can’t deliver as contracted in the event of a crisis. Even if your business has business continuity and disaster recovery plans in place, if a crisis strikes and your vendors can’t effectively recover, your business ends up bearing the brunt of the consequences that supply chain management may not be able to handle.
According to a 2014 survey, 81 percent of respondents experienced a supplier with IT and telecommunication outages, adverse, and outsourced server failure as top reasons for those disruptions. [2014 Supply Chain Resilience Survey, Business Continuity Institute]
What is Vendor Continuity?
Simply put, vendor continuity is ensuring third parties have plans to recover in the event of a disaster in place, and that those companies are sufficiently prepared for the unexpected. It is critical that your top business partners have the technology, people, facilities, and processes for a speedy, efficient recovery so their crises don’t become your crises.
Our Experts Can Help
Manpower, expertise, and knowledge of regulations may get in the way of creating the vendor continuity program that your business needs now. In this case, outside consultants can help by supplementing your existing preparedness teams and help map a maturity model to develop and improve your business and vendor continuity plans.
To learn more about Vendor Continuity, please explore our E-Book: The Ideal Route to Better Vendor Continuity