The COVID-19 pandemic and its rapid impact on the global economy have made it crucial for enterprises to be adaptable and responsive to changes. Enterprises are now turning to their third-party IT Partner/Supplier ecosystem to effectively adapt and react in the fast-paced & highly competitive business landscape. The IT suppliers have enabled enterprises to scale up or down to meet the ever-changing demands of their business.
According to the IT services global spending forecast, with the economic impact of the COVID-19 pandemic, worldwide spending on IT services is expected to be 9.8% higher than 2020 at 1.2 Trillion US dollars in 2021.
However, with the challenges of being compliant to ever-changing regulatory oversight and tackling rapid market expansion & business transformation, managing third-party IT suppliers/partners becomes a costly and time & resource-intensive process.