Strategic Librarian

Using strategy to develop the law firm library.

Conference Board: Best Practices in Managing Information Vendor Portfolios

We might not think of the resources we manage as being part of a portfolio but, in today’s language, they are.  Following on that, just like a stock portfolio, our portfolio of resources and the vendors who sell them need managing.  To that end, you might want to check out the Conference Board report, Best Practices in Managing Information Vendor Portfolios, created in 2010 by the Conference Board Information Research and Management Council.

The report begins with tips on creating an overall management strategy including:

  • Conduct a comprehensive needs assessment
  • Create a strategic accounting process
  • Conduct annual budget reviews
  • Consider planning budgets with stakeholders
  • Use a communication plan for rollout and ongoing marketing/support of the product.

The report covers these tips in more detail and goes on to cover:

  • Evaluation of the portfolio
  • Contract management including the standardization of contracts, global contracts and simplifying the process
  • Using metrics to determine the value of the collection
  • Managing vendor relations
  • Development of a strategy to obtain cost reductions

Finally, the report is complimentary to download with registration. 

Other Conference Board Information Research and Management reports:

How Effective Information Services Can Contribute to the Bottom Line (2008)

Waddayaknow? Knowledge Management Can Be an Organization’s Key to Survival (2009)