TVMES experts continue to strive by working together with industry experts to identify simplified solutions to the problems faced by VMO leaders. It is our pleasure to present to you a robust and logical solution that will help you choose the right VMO platform of your choice.
VMO Leaders – Self-Check – Wrap-up
TVMES has identified 5 primary criteria VMO leaders need to utilize when considering the selection of a VMO platform. The following is the wrap-up session, which will provide you clarity on VMO Platform Value, Importance and building a Collaborative Business Case. You will find links to the previous articles at the end.
1. What do I need as a VMO Leader to drive efficiency?
A Platform that is feature-rich and could handle all facets of IT Governance, Compliance and Reporting.
2. Why is choosing the right VMO Platform important to me?
The success of VMO leader is coined by business as how Flexible, Quick and Nimble can VMO support in Scaling Up without any risks. The right VMO platform measured on the 5 core measurement criteria will enable IT and Business with agility and the pace they intend to grow.
3. What value do I derive from choosing the right VMO Platform?
The Value in having the right VMO platform is multi-dimensional ranging from contractual compliance to audit readiness with detailed risk log.
Self-Customizable Dashboards & Predictive Analytics: Analytics drives the success of any CRM tool and VMO solution and the manner in which the data is presented along with ease of customization. VMO Executives rely on timely predictive analysis including trending to highlight key areas of focus to IT and business executives. To support this requirement and continually drive data transparency, the VMO platform should have a clear and effective data strategy to ensure quality, timeliness, and depth of facts.
Precise Deliverable, Obligation & Risk Tracking: This criterion is an important factor to drive contract compliance for VMO leaders. The VMO Platform need not act as a RISK solution but is important to maintain and track actions against risk register. This will make the VMO leaders prepared for any internal or external audit response related to vendor controls.
Automation: Automation on vendor management product is at a very nascent stage given the available market solutions. Repeatability and Consistency are the 2 pillars of automation to drive the desired outcomes. The higher the degree of automation, the greater the ability to drive and support the VMO strategy. Eventually, Manual error can be eradicated and VMO manager's productivity can be spent more on Lean, Risk mitigation and Strategic areas of Vendor Management Operations.
5 Layers of Security: This Validation should be done in partnership with CISO as any cloud tools inherit huge risks of data breaches as the security controls lie outside the corporate network. This is an important uncompromisable mandated requirement for VMO platform decision making. Evaluating the platform’s capability on the 5 layers of security considering/adapting the Principle of least privilege (PoLP) will enable data compliance and prevent data breaches. PoLP - The principle of least privilege (PoLP), an important principle in Computer / Software / Hardware security, is the practice of limiting access rights for users to the bare minimum permissions they need to perform their work. IF this part is done right, you have one centralized tool to measure IT vendor Compliance, Realtime Dashboards, and an Audit-Ready VMO platform.
Configure Vs Customize: The more we customize, The spend will be more towards managing and maintaining the custom code. In some cases, Patches and security fixes may break your custom code and cause rework. This dimension will give more of self-administration privilege to VMO managers and will enable more accountability on the platform.
4. How does having a robust VMO Platform help me with my leaders?
Let's think how many times, We would have reworked on the PowerPoint presentations and printed documents to show the value of VMO and vendor performance. The right VMO Platform will enable absolute transparency between all the parties IT leaders, Business, Vendor Leaders or Project sponsors on any critical items like Audit finding and closure, Performance, Spend, Risk Log & Compliance/contract changes.
5. Is choosing the right VMO Platform a technical exercise or a business issue?
Choosing a platform or any software for that matter is not a single teams or persons decision, The business requirements come from the VMO leader, The security Requirements comes from CISO, The budget Requirements comes from CFO, User Experience feedback comes from the Business and Regulatory/Compliance requirements comes from CCO/COO. The major huddle for any platform/application/tool to pass on the security requirements and specifications and then comes the other 4 criteria before the decision is made.
Need help in platform selection?
TVMES is pleased to announce the introduction of our Tool selection as a Service (TaaS) for VMO leaders. We have been continually asked by our clients to support them in selecting an appropriate platform to enable their VMO or SAM operation. Leveraging our experience using these tools and unique insight into the technical capabilities each platform offers, we have developed comprehensive evaluation models that align a client’s unique requirements with the appropriate platform.
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