Top 5 Third-Party Risks for Organizations
Any use of third parties introduces an increased level of risk, a risk that needs to be managed on an ongoing basis.
You've put major time and resources into choosing the right suppliers and crafting complex agreements. Now you have to make sure you're getting the performance and service quality you're paying for. Inadequate contract management can lead to serious deterioration in both. We call it value erosion, and it can cost you as much as 15% to 30% of total contract value.
We not only help recapture this lost productivity, but also uncover additional value in your supplier relationships, working with you to supercharge your vendor management organization and free your teams up to do what they do best—focus on strategic opportunities to expand and enhance your contract portfolio.
Putting together the processes, systems and people you need to manage a large portfolio of contracts is not something many businesses can achieve on their own—or only in coordination with their suppliers.
ISG provides a unique combination
of business services industry knowledge, contract expertise and automated technology to help you optimize every aspect of your supplier and contract management life cycle.
Not only will you see what’s important in your big contract portfolio picture, but you’ll also be able to turn those insights into dramatic, tangible improvements in performance and service quality.
We know about contracting and the complexities involved with managing a multi-supplier ecosystem. With experience sourcing and managing over $475 billion of enterprise-supplier transactions
over 20 years, there isn't much we haven’t seen.
Our unmatched, hands-on experience gives us insight into supplier relationships and contract management you can't get anywhere else. It's our mission to use that experience to
ensure you get complete clarity and full value from all your sourcing relationships.
How do we deliver it?
ISG’s Supplier & Contract Management solutions are supported by GovernX, our world-class, end-to-end managed service and lifecycle management SaaS platform. GovernX provides our analysts and your teams with the real-time, AI-powered data necessary to manage complex contract portfolios effectively, and get the greatest value out of your supplier relationships.
ISG is a leader in proprietary research, advisory consulting and executive event services focused on market trends and disruptive technologies.
Get the insight and guidance you need to accelerate growth and create more value.
Learn MoreThe mainframe service market continues to grow as per ISG’s expectations for both conventional mainframe outsourcing and consulting services as enterprises migrate their mainframe applications to the cloud. With clients under pressure to reduce their mainframe costs, several service providers are addressing the increasing demand to free business data that resides in mainframe systems.
Global enterprises are accepting the hybrid working model, wherein their workforce is allowed to work from a location of their choice and asked to report to office in case of absolute need. Depending on an employee’s work profile, corporate culture and vision requirements, organizations worldwide are framing policies to distribute their workforce into remote and in-office working modes.
In 2022, enterprises in the U.S. invested significantly in analytics solutions to empower their business leaders and employees to make decisions using a data-driven approach. The market witnessed a notable change in the mindset of enterprise executives, reflected in the changing pattern of their investments that shifted from capturing and storing data to actively deriving value out of data. A burgeoning competitive environment and new-age startups with disruptive business models necessitated investments in analytics solutions that drive real-time insights and enable decision-making that is essentially data-driven. While the changing market dynamics demand a variety of analytics solutions and platforms, ISG’s analysis reveals that most of the U.S. enterprises are still in their early stages of analytics and data maturity, which warrants the adoption of tools and platforms that help in delivering visualized insights, data-led storytelling and eventually decision-making.
In the past year, as the world continued to recover from the challenges and restrictions implemented to manage the COVID-19 situation, leading life science companies and the providers that support them made significant advances in incorporating technology solutions into the DNA of their operations. This sector has historically been reluctant to embrace innovative approaches at scale, but the pandemic has catalyzed a permanent change. For starters, the pandemic made many formerly standard processes, such as in-person patient visits and justin- time supply chain practices impossible, which created an unprecedented demand for innovative solutions. Leading solution providers not only intervened with existing technology solutions but also demonstrated their readiness to collaborate, innovate and invest with greater flexibility and customer-centric focus than ever before.
The oil and gas industry is going through a phase of long-standing uncertainties. An unpredictable economy, the Russia- Ukraine conflict, reduced investment in upstream assets, price volatility and energy transition initiatives have all created an imbalance in supply and demand. Despite the uncertainties, rising oil prices resulted in record revenues and profits for major oil and gas companies. Majors have posted profits much higher than their previous year’s numbers. For example, BP posted a profit of $8.15 billion in the third (July to September) quarter of 2022, which is approximately 1.5 times the previous year’s number.