How to know it's time

to switch vendors: 6
signs to watch out for
Cost savings

One of the most common reasons for changing

vendors is cost savings. Revisiting current
vendor contracts can help identify areas where
costs can be cut, renegotiated, or redirected to
more value-added activities.
Improved quality

Another reason for a vendor change can be to

improve the quality of goods or services. This
can be due to quality issues with the current
vendor, or the availability of better quality
options in the market.
Technology advancements

Another reason for a vendor change can be to

improve the quality of goods or services. This
can be due to quality issues with the current
vendor, or the availability of better quality
options in the market.
New business requirements

As business requirements change, so do the

requirements for vendor services. For example,
if a company expands its operations to new
geographies, it may require vendors who can
support operations in those areas.
Cultural fit

A vendor's cultural fit with an organization can

be a critical factor in the vendor selection
process. Revisiting current vendor contracts can
help identify vendors who are not aligned with
the organization's values, culture, or way of
doing business.
Service level agreement (SLA)

SLAs are an essential part of vendor contracts.

They define the expectations of both parties
and the consequences of not meeting those
expectations. Revisiting vendor contracts can
help identify vendors who are not meeting SLA
requirements and renegotiate terms to ensure
compliance.
 Ready to simplify your vendor sourcing process?
Sign up today at lead-vendor.com and start discovering the
best vendors for your business needs. See you there!