Three Key Contract and Vendor Management Trends for 2023
Gatekeeper » Vendor Management
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1w ago
As businesses face macro events including recessions, supply chain disruption and evolving regulations, we predict that businesses of all sizes will be focusing on resilience, recession-proofing and risk mitigation throughout 2023. Businesses that double down on improving their processes, in particular moving from manual to automated, are those who will navigate the year most successfully. Let’s take a look at these trends in more detail and explore how to build robust contract and vendor management approaches to keep your business protected, profitable and compliant. 1. Resilient businesses w ..read more
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Why you should integrate NetSuite with Vendor Management Software
Gatekeeper » Vendor Management
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4M ago
If your business is using NetSuite and a separate vendor management solution, the challenges it experiences are likely to mirror those of businesses with a lower level of maturity. Contracts are naturally collaborative and businesses often compensate for this by giving each department technology best suited to their needs. However, tech-stacks can quickly sprawl without each platform working in sync with the other. If your business is linking its key finance and vendor software using an API build rather than a native integration, stakeholders may be: Inputting data twice into different system ..read more
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Recession-proof your Business and Take Control of Your Vendor Base
Gatekeeper » Vendor Management
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4M ago
The recessions hitting nations across the globe are causing disruption. Companies are freezing purchases, reducing the speed at which they implement new technology, and positions of leverage are changing in the supply chain. The invasion of Ukraine, frequent cyber attacks, general inflation and the continued impact of Covid are combining to make the the business environment incredibly challenging. The challenges Procurement, Finance, and Legal teams face are fierce. They are responsible for ensuring that the business is protected from risk, with vendor and contract management in place. As ..read more
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Vendor Management KPIs: How to Track Your Key Vendors' Performance
Gatekeeper » Vendor Management
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5M ago
The number of active vendors in most organisations means that it is challenging, if not impossible, to effectively monitor them all. Segmenting vendors in a way that highlights those that are critical to your business paves the way to track their performance. The main objective of vendor performance management (VPM) is to achieve the highest level of reliability, quality and performance from key vendors while limiting risk. "Relationships with strategic vendors are increasingly key to business performance." - Gartner   What is vendor performance management? Vendor performance management ..read more
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What is Vendor Management?
Gatekeeper » Vendor Management
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9M ago
If you’re reading this article, then you are likely finding it difficult to pull together a succinct and helpful definition of vendor management. You’re not alone in this as much of the information out there focuses on vendor management technology and management systems, rather than looking at the discipline itself. Here, we’ll give you usable definition, briefly list some of the activities it entails, how Vendor Lifecycle Management best practices deliver value to a business and general vendor management tips - especially when it comes to selecting software.  Vendor Management Meaning At ..read more
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Five Vendor Management Best Practices for your Business
Gatekeeper » Vendor Management
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10M ago
The strength of your business’s vendor relationships is strongly correlated with its overall success. When these relationships are mutually-beneficial and managed effectively, your business can be confident of continuity and better outcomes. Yet, 87% of organisations have had a disruptive incident with a third-party vendor within the past three years according to a study from Deloitte. This is a huge number, highlighting that there’s still a lot more work to be done when it comes to improving vendor relationship management. In this article, we take a look at when and why businesses should revi ..read more
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How to manage supplier risk
Gatekeeper » Vendor Management
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1y ago
Every business faces risks, i.e. the probability of events occurring that can, or will, present challenges to their operations. Not every organisation is aware of the wide range of supply chain risks they might face and fail to carry out supplier risk analysis. As a result, many do not have robust plans to deal the resulting disruption and the financial losses that will follow. Managing risk means identifying what can go wrong in advance in your relationships with suppliers, and having a plan in place to deal with it. Failing to do this or being under-prepared will generate some unwelcome surp ..read more
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How to Manage Vendors - Your Updated Guide for 2022
Gatekeeper » Vendor Management
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1y ago
In July 2013, the Honourable Richard Chesterman published his report into the implementation of a new payroll system for Queensland Health, the public health body for the Australian state.  In it, he outlined how he expected the system delivered by IBM to cost upwards of $1.2 billion over the next eight years.  Given that the original projected cost for the project had been $98 million, he was justified in writing that: The replacement of the QH payroll system must take a place in the front rank of failures in public administration in this country. It may be the worst. It represen ..read more
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What is vendor risk management software?
Gatekeeper » Vendor Management
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1y ago
Working with vendors involves a balance of trust, risk mitigation and accountability. As your vendor base grows, an increase in risk within your business is natural. But this doesn’t have to skew the equilibrium in your organisation and impact its operations. With vendor risk management software, you can take a strategic and proactive approach to third-party risk - helping you to strike the right balance whilst maintaining control. If manual processes and outdated software have you firefighting high-level risks only, your focus is taken away from other smaller issues with the potential to esca ..read more
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Vendor Management Case Study - Mailchimp
Gatekeeper » Vendor Management
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1y ago
Delivering visibility and consistency in the vendor management process has significantly increased productivity at Mailchimp.” – Michael Packard, Senior Program Manager of Vendor Risk Management Name: Mailchimp Location: Atlanta, United States Description: Mailchimp is an always-on marketing platform for small businesses. It makes innovative, beautiful products that empower those businesses to find more customers. Key Stakeholders for Gatekeeper: Vendor Risk Management, Legal Operations Summary Up to 2019, Mailchimp’s vendor management function was experiencing some of the more common sympt ..read more
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