Download the Avoiding Vendor Lock-In Report
Steer clear of the common traps and pitfalls that would see you stuck with software that doesn't service your current or future business growth requirements.
What You Will Learn:
- Why you need to be considering Vendor Lock-In now more than ever
- The causes and warning signs to look out for, so you can take avoiding action
- A 3-step solution that actively prevents Vendor Lock-In, and delivers strategic business value too
Download the Avoiding Vendor Lock-In Report
Steer clear of the common traps and pitfalls that would see you stuck with software that doesn't service your current or future business growth requirements.
What You Will Learn:
- Why you need to be considering Vendor Lock-In now more than ever
- The causes and warning signs to look out for, so you can take avoiding action
- A 3-step solution that actively prevents Vendor Lock-In, and delivers strategic business value too
The rapidly moving SaaS and technology marketplaces create a perfect storm for vendor lock-in
87% of procurement leaders have experienced Vendor Lock-In, and it's a huge problem:
- The race to adopt and use AI means investment without sufficient knowledge or structure
- SaaS prices are skyrocketing, and getting stuck with a vendor means cost-savings opportunities are missed
- New pricing models may look better, but without care they could create more costs in the long run.
Flexibility, visibility, and industry pricing knowledge is crucial to combatting these - but many procurement teams don't have these in sufficient supply. Vendor Lock-In feeds on a procurement department that isn't prepared.
Vendor lock-in is created from multiple sources, so diligence is key
Once you're in, it's almost impossible to get out. You need to know the warning signs:
- Auto-renewals that are unexpected / unknown
- Contracts that are negotiated without proper break clauses, SLAs, and T&C's
- No control over your data and limited procurement transparency and reporting
If you spot any of these in your current procurement setup, it's likely that you are either already locked into an unwanted vendor, or are about to be.
Unlock the full report now
With Vendor Lock-In, time is not on your side so you need to act today. This report is designed for procurement leaders looking to implement strategies and tactics to prevent vendor lock-in and build a robust, efficient procurement function.
The need-to-knows
Vendor lock-in is a detrimental scenario that occurs when customers wish to switch suppliers but are contractually bound to a vendor that doesn't adequately service their current or future business requirements. Switching mid-contract would be too challenging, expensive and impractical, and waiting to the contract's end would be a waste of budget.
Through a combination of insufficient forward planning, a lack of diligent negotiating, and poor data and tech stack visibility. It's not uncommon either, our research has shown that 87% of procurement leaders have experienced being stuck with a supplier they do now wish to use any further. Only a modern, robust procurement setup has the ability to actively prevent vendor lock-in, but only 17% companies have achieved this - almost the reverse of those who've experienced vendor lock-in.
It's a huge drain on a company's finances. In an age where financial efficiency is key, and competition is high, wasting money on underperforming technology holds businesses back - in both monetary and business growth terms. Plus, it highlights more underlying issues with procurement, such as untracked auto-renewals, a lack of data and tech stack visibility, and inefficient negotiation tactics.