Is your organization really ready for vendor management software?
Vendor Centric
by Tom Rogers
5d ago
Vendor management software is a critical part of your vendor management infrastructure. Good vendor management software automates tasks, streamlines workflow, enforces controls and provides a central ‘source of truth’ for information about your vendors.  It also supports your ability to comply with laws and regulations, manage contracts, track vendor performance, and much more. But simply purchasing vendor management software doesn’t guarantee success. Your organization has to be ready for the change to get the results you’re hoping for.   Here are five questions to help you det ..read more
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When Does it Make Sense to Use a Purchase Order?
Vendor Centric
by Josh Angert
2w ago
Imagine that you have just gone through a procurement process to find a vendor for a specific type of product or service. You identified the winning vendor and are ready to solidify the deal… but what’s the best way to formally document the agreement between you and the vendor? While many companies go straight to a contract or, in the case of smaller purchases, simply ask for an invoice, there’s another option to consider – a Purchase Order. Purchase Orders are legally binding agreements between buyers and sellers, and are a great option when you need more than an invoice but a lengthy, multi ..read more
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When Does it Make Sense to Use a Purchase Order?
Vendor Centric
by Sonhy Caballero
1M ago
Imagine that you have just gone through a procurement process to find a vendor for a specific type of product or service. You identified the winning vendor and are ready to solidify the deal… but what’s the best way to formally document the agreement between you and the vendor? While many companies go straight to a contract or, in the case of smaller purchases, simply ask for an invoice, there’s another option to consider – a Purchase Order. Purchase Orders are legally binding agreements between buyers and sellers, and are a great option when you need more than an invoice but a lengthy, multi ..read more
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4 Tips for Creating a Reliable Inventory of Your Vendors
Vendor Centric
by Josh Angert
7M ago
More and more organizations are taking a serious approach to third-party management, creating and maintaining an accurate inventory of your vendors is a great place to start. Regardless of the organization’s size, when I begin a third-party management consulting project (especially when we are helping our clients implement a vendor management system) I usually find that organizations simply don’t have a good understanding of how many active vendor relationships they have. Some would think that the larger the organization the more likely they are to have a process and system in place to keep tr ..read more
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Improve Vendor Performance by Implementing a Vendor Scorecard
Vendor Centric
by Tom Rogers
11M ago
Vendor scorecards are a fantastic tool to track and measure vendor performance. When used appropriately and consistently, vendor scorecards allow you objectively identify and remediate issues, control costs and, ultimately, strengthen relationships with vendors – especially those vendors that are critical to your operations. Vendor scorecards also provide an objective lens for measuring vendor performance by allowing you to: clarify vendor performance criteria that are most important to you, share expectations with your vendors, and evaluate vendors on their ability to consistently deliver va ..read more
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14 Vendor Management Terms You Need to Know
Vendor Centric
by Blog Contributor
1y ago
Vendor management is an evolving business discipline. As you can imagine, vendor management terminology is evolving too.   While terms like procurement and contract management are familiar to most, others like Critical Vendors and Residual Risk Remediation are new to many. Regardless of where you are in your vendor management journey, here is a breakdown of 14 vendor management terms everyone needs to know. Contract – A legal agreement that is used to document formal terms and conditions agreed to with Vendors.  Contracts can take many a variety of forms including, but not limi ..read more
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What is Vendor Management?
Vendor Centric
by Tom Rogers
1y ago
When I started Vendor Centric back in 2012, the concept of vendor management as a business discipline was still relatively new. So when I tried to explain “What is vendor management” to friends and colleagues, I generally got a lot of blank stares looking back at me. But vendor management has evolved since then. And so has my answer to the question: What is vendor management? Here is how I explain vendor management in 2022.   “Vendor management is a business discipline along the lines of human resource management, only for your vendors instead of your employees. The purpos ..read more
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Do You Know Your Critical Vendors?
Vendor Centric
by Tom Rogers
1y ago
A fundamental component of a risk-based vendor management program is knowing who your most important vendors are – that is, your critical vendors. It is a common misnomer that a ‘critical vendor’ and a ‘high-risk vendor’ are one in the same. They are not, and it’s important to delineate between the two when establishing your program. Let’s break them both down. Critical Vendors A critical vendor is one that you rely on heavily to support the most important activities within your organization – oftentimes called ‘critical activities’. While critical activities will differ between organizations ..read more
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These 3 Words Are the Key to Effective Vendor Management
Vendor Centric
by Tom Rogers
1y ago
One of the fundamentals to effective vendor management is recognizing that not all vendors are created equal when it comes to how they need to be managed. Some relationships are large and complex, while others are small and transactional. That’s why these three words need to be baked into the core of your vendor management program: Risk-Based Approach Taking a risk-based approach to vendor management allows you to categorize your vendors by risk, and focus your time and energy on the vendors that are riskiest – and oftentimes most important – to your organization. Let me explain what I mean. W ..read more
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The Evolution of Vendor Risk Management: From 2008 to Now
Vendor Centric
by Tom Rogers
1y ago
At Vendor Centric, we’ve been advising companies about vendor risk management for years.  But not too long ago, the concept of ‘vendor risk’ was one that many companies were just getting their arms around. So exactly how did vendor risk management start to get traction? Here’s a little background on where it started and where it’s evolved to today. Vendor risk management (also referred to as third-party risk management) started to really come into focus in 2008 when the FDIC issued Financial Institution Letter 44-2008 (FIL-44-2008): Guidance for Managing Third-Par ..read more
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