Implementing a New Governance Model
SIG » Vendor Management
by Mark Nilsson
4M ago
SIG University Certified Supplier Management Professional (CSMP) program graduate Mark Nilsson shares an example of how his team had to implement a new governance model that was instrumental in getting a project back on track and helped implement several layers of change across his organization. The timing of my CSMP training occurred during a project derailment related to a vendor we selected in 2022 to replace our current Accounts.  Payable (AP), Automation solution. The CSMP training helped me implement a new governance model that was instrumental in getting this project ba ..read more
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Creating Vendor Management Awareness
SIG » Vendor Management
by Zach Green
10M ago
SIG University Certified Supplier Management Professional (CSMP) program graduate Zach Green discusses solutions for formally documenting a RACI around governance in the current IRA survey and developing training for governance and vendor management. I will focus on Week two material, specifically Module 7 – Lesson 1 – Internal-Support. An area that requires improvement in our current Vendor Management Program is awareness, roles, and responsibilities. Program awareness is defined as knowing that a Vendor Management program exists and what the roles and responsibilities are for each sta ..read more
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One Source Of Truth: Tearing Down The Silos Of Sourcing Inefficiencies
SIG » Vendor Management
by Mary Zampino
1y ago
Thrust into the spotlight due to the pandemic and now the war in Ukraine, the demand for sourcing professionals to deliver maximum value has never been greater. To start, "maximum value" is no longer about getting something at the best price – if it ever was. I base the "ever was" on the words of a 20-plus-year industry veteran who has held senior executive positions with a major global brand and stressed that it has never really been about cost savings alone. If it were, they added, they would have left the industry a year and a half after they started. So, if it isn't about cost savings, w ..read more
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How to Avoid Hidden Costs of Offshore Hourly Rates
SIG » Vendor Management
by Steven Stephan
2y ago
For many US companies, understanding the total cost of IT talent services has always been challenging, and is even more concerning now as budgets and resources have tightened in a post-COVID-19 world. But as the need for change and innovation continues to grow, companies are rapidly shifting focus towards outsourcing as a solution to assisting in digital innovation. Procurement commonly compares hourly rates because it’s an easy comparison.  Well, not exactly.  But the issue is that the invoice at the end of the month for a committed amount of work is what matters, not what the hou ..read more
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How to Align Procurement with Finance
SIG » Vendor Management
by Jason Treida
3y ago
Procurement is a business function that offers so much in the way of value. However, its not always easy to showcase the full spectrum of what procurement provides to other teams or get the necessary buy-in from sponsors or stakeholders to support procurement activities. In fact, one of the common pain points for procurement practitioners is the ability to align finance. Finance is a critical business function. So much of what guides operations is based on the bottom line and therefore it is absolutely essential that procurement align with finance. Without this collaboration, procurement tea ..read more
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Learning Why Third-Party Risk Management Matters
SIG » Vendor Management
by Jaclyn Seals
3y ago
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Jaclyn Seals discusses how taking the C3PRMP program has given her the resources to grow in her role and the expertise to be an asset to her team.  When I first registered for this course, I wasn’t exactly sure what to expect. I initially thought I would learn a lot of things that I was completely unaware of. I was pleasantly surprised to see that I was learning the “why” behind the changes my organization has been implementing over the past two years. This course took me deeper in ..read more
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8 Steps to Manage Vendor Data Privacy Compliance
SIG » Vendor Management
by Docusign
3y ago
Around the world, new regulations about the collection and usage of personal data are changing workflows for major organizations. Following the passage of legislation like General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA), businesses are auditing privacy practices and creating much stricter guidelines when they select partners and vendors. With tighter regulations about the way consumer data is collected and used, organizations have to increase scrutiny for every party that has access to personal data. The entire system is only as secure as th ..read more
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COVID-19 Resources for Sourcing, Procurement and Workforce Management
SIG » Vendor Management
by Mary Zampino
3y ago
SIG is always asking our event attendees, current and future members, and readers about their current issues and concerns. I have been tracking and analyzing their responses for almost 10 years now. While cost savings and value-add remain consistent and strong priorities, there's no doubt many are very concerned about meeting pandemic-related needs. We are blessed to have a community of thought leaders and generous, experienced professionals who are willing to share their experiences and describe their wins. We offer the following resources in your quest for COVID-19 related items specific t ..read more
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Balancing Third-Party Risk with Specialized Categories
SIG » Vendor Management
by Michelle Wessling
3y ago
SIG University Certified Third-Party Risk Management Professional (C3PRMP) program graduate Michele Wesseling discusses balance between satisfying your firm's need to generate revenue and mitigate third-party risk. Third-party risk management in the financial industry requires careful consideration when developing an operating model. It is essential to consider the regions and regulations that govern. In most of the banking industry, your internal risk culture allows you to easily implement a third-party risk program that methodically measures inherent risk, provides time to assess thir ..read more
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SIG Speaks to Shashank Saxena, CEO and Co-Founder of VNDLY
SIG » Vendor Management
by Shashank Saxena
3y ago
What is your role and your day-to-day responsibilities?  As CEO of a software SaaS company, I spend time with my leadership team focusing on the product and obsessing over the problems we're trying to solve for our customers. I focus on making sure all of our teams – internal product management, sales, engineering and customer support – are functioning at optimal levels. I also enjoy spending time with our customers, hearing about their pain points and how they're actually using the software we've built.  What is something that you wish more people knew about so ..read more
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