Four Ways to Unlock Value from Your Vendor Management Operations
Vendor Centric
by Tom Rogers
3w ago
More than ever before, organizations are adopting holistic, process-driven vendor management. They are evolving vendor management from a mere compliance function to a strategic driver of measurable value. We expect this trend toward value creation to grow as companies seek practical ways to optimize performance, mitigate risk, and control costs with their growing ecosystems of vendors and third parties. The beauty of this growing trend lies in the many ways vendor management can unlock value for the business.  Here are four value-creation initiatives any organization can undertake, alon ..read more
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2024’s Essential Vendor Management Trends
Vendor Centric
by Tom Rogers
1M ago
Vendor management continues to evolve at an unprecedented pace.  Customers, boards, auditors, and regulators are demanding more robust policies, procedures, and oversight of vendors and other third-party relationships. From an operational perspective, senior management is under pressure to maintain an effective infrastructure while identifying ways to extract value through vendor risk reduction, performance improvement, and cost control. From a market perspective, new regulations are being introduced, and new technologies are emerging on what feels like a monthly basis. While the challe ..read more
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Who’s Considered a Third Party in Third-Party Risk Management?
Vendor Centric
by Laura Melgoza
3M ago
As a third-party risk practitioner and consultant, I’ve worked with hundreds of stakeholders across multiple industries. One of the fundamental questions I always hear is, “Who qualifies as a third party?” It’s a great question because an organization’s third-party ecosystem encompasses much more than suppliers. Who is a Third-Party When It Comes to Risk Management? A third-party is any company or individual outside of your organization with whom you have entered into a business relationship – regardless of whether or not you have a formal contract. Most organizations work with a wide range ..read more
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Procurement Policies & Procedures Made Easy: A Comprehensive Guide for Development & Implementation
Vendor Centric
by Tom Rogers, CPA, CCMP
5M ago
October 8, 2023 Tom Rogers, CPA, CCMP 240-813-1160 trogers@vendorcentric.com Linkedin To thrive in any economy, strong vendor relationships are paramount to success. That’s why understanding and implementing effective procurement policies and procedures is nothing short of essential. In this comprehensive guide, we share the core principles and best practices for procurement policies and procedures that will empower you to confidently design, document, and implement them within your organization. Whether you’re just starting your journey to implement procurement best practices ..read more
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4 Red Flags To Look For When Reviewing Third-Party Financial Statements
Vendor Centric
by Tom Rogers
1y ago
Audited financial statements are one of the most important documents you can use to support effective third-party due diligence. As the old adage says, “the numbers don’t lie.” However, analyzing a vendor’s financial statements isn’t as simple as looking at a few key ratios and calling it a day. It’s part art and part science.   While audited financial statements do follow a common framework (the science), every company has a different financial story, so you have to know how to spot the problem areas when reading them (the art). To help you effectively analyze financial stateme ..read more
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What is the Procure-to-Pay Process?
Vendor Centric
by Tom Rogers
1y ago
Procure-to-pay (P2P) is a business process that encompasses all activities involved in obtaining goods or services from a third-party supplier.   It’s an important process as it enables the business to acquire goods and services efficiently and at fair prices, while also ensuring timely delivery, quality, and compliance with relevant laws and regulations. An effective procure-to-pay process provides a number of benefits including: Improved Compliance: Following standardized, documented processes ensures that procurement activities are in line with an organization’s policies and regul ..read more
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8 Strategies to Get Employees to Follow Your Vendor Management Policies
Vendor Centric
by Tom Rogers
1y ago
Vendor management policies are essential for establishing the overarching rules, guidelines and expectations for managing third-party vendors across your organization. However, getting employees to actually follow your policies can – well – be a challenge. In this blog I share eight effective tips for getting your employees to follow your vendor management policies on a consistent basis. Whether you’re rolling out brand new policies, or looking for ways to get better compliance with existing ones, read on to find valuable insights and practical tips for success. Write Policies So Humans ..read more
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15 Ways to Improve Your Vendor Management Processes
Vendor Centric
by Tom Rogers
1y ago
Maintaining up-to-date, efficient and compliant vendor management processes isn’t easy – especially in organizations experiencing rapid growth or significant change. That’s why continuous process improvement is so important and a MUST HAVE for effective governance of any vendor management program. The good news is that process improvement doesn’t have to be a multi-month effort.  There are practical things you can do – starting tomorrow – to begin getting traction.   In this blog I break down: the definition of continuous process improvement, why it’s critical for effective ven ..read more
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Top Features to Look for in Contract Lifecycle Management Software
Vendor Centric
by Tom Rogers
1y ago
The use of Contract Lifecycle Management (CLM) has become increasingly popular among organizations of all sizes, as it supports consistent, efficient management of the entire contract lifecycle – from contract creation through expiration/termination.  It streamlines the contracting process, providing a centralized platform for contract creation, execution, and storage.  But as importantly, it supports more effective and transparent contract management, helping you manage contract compliance, performance and spend. If you’re company is considering purchasing contract management softwa ..read more
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From Ethics to Compliance: How a Supplier Code of Conduct Benefits Your Organization
Vendor Centric
by Tom Rogers
1y ago
A Supplier Code of Conduct (SCC) is a powerful tool your organization can use to maintain productive, ethical, and compliant relationships with your suppliers.  From protecting your reputation to improving the quality and reliability of your supply chain, a supplier code of conduct provides clear guidelines and standards for your suppliers to follow. If you’re considering rolling out a supplier code of conduct in your organization, this blog’s for you.  In it I break down: What a supplier code of conduct is The benefits of having one 8 key sections you’ll want to include How to comm ..read more
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