Calculating a return on investment (ROI) or proving the “economic value” of a purchase is the foundation of any sound business investment. The return on some purchase decisions is so obvious that when the costs are weighed against the potential benefits, there is a collective exclamation of“Why didn’t we do this before?” Other situations, and most purchasing decisions, are less clear-cut.
With contractor and supplier prequalification and management, you’re balancing the potential of catastrophic risk with both direct and indirect costs. So how do you effectively and responsibly evaluate an investment in contractor management to derive the best outcome for your organization?
This recorded webinar outlines a process for assessing the economic value of investing in contractor compliance management. We will outline the business conditions that make contractor management an imperative for many businesses, including the expected costs associated with effective management. Next, we will consider the potential direct and indirect costs of “doing nothing;” that is, deciding against an investment in contractor management. Finally, we’ll explore the process of outsourcing compliance management to a vendor who offers a complete contractor management solution.
- Assessing the economic value of investing in contractor compliance management solution
- Real numbers and calculations to determine the ROI of a Contractor Management Program
- The expected costs associated with effective compliance management
- The potential direct and indirect costs of “doing nothing”
- The costs and potential savings outsourcing compliance management to a vendor who offers a complete contractor management solution