How Many Vendors Does It Take To Change a Lightbulb?

Let’s do a quick count of technology-related products, software, and services that most businesses use. The list would include phone, Internet, website hosting, CRM, email marketing, accounting, supply chain, payment processing, etc.

So just by covering the basics, a business relies on 8 to 10 technology vendors. Further complicating things, some systems require coordination of multiple product and service vendors. Integration, upgrades, training, and other related issues have to be addressed.

Depending on the type and size of your business, you may be spending 5-10% of annual revenue on technology. How many technology-related vendors does your business depend on? Who is responsible for managing them?

It’s a very good time to evaluate your vendor management strategy. Take this 5 question evaluation by CTO Nation for a evaluate your business.