Category : business expense management

  • Vendor management is a repeatable, effective method for developing and…

    11 Nov
    11 Nov
  • A team mentality must be brought to the contract development and negotiations phase. In too many companies, outsourcing contracts are left to purchasing, legal, and senior executives, then assigned to the managers and staff who will be working with the vendor on a day-to-day basis.Operational staff and process owners don’t always understand the complexities of the initial contract. It is signed and filed – end of story. However, the question remains… is the contract still measured for performance, ensuring nothing which is critical during the life of the contract has been overlooked or omitted?Management teams can deal with hundreds of contracts at once, so it is easy for a contract term, condition, or renewal to slip through the cracks.

    26 Aug
    26 Aug
  • Vendor management is one of is the most complex and sophisticated methods in the whole procurement process. It can seem simple when the number of vendors is small, but the complexity rockets “straight up” as the number of purchases gets higher.Staff, managers, employees, and internal resources responsible for managing this vital part of an organization are under constant pressure to manage the complexity of both individual decisions and company process requirements. Because of these complexities, organizations are finding it more and more difficult for staff and management to follow vendor management procedures.

    22 Aug
    22 Aug
  • Vendor management is the functioning center to most businesses and we really can’t live without it.

    28 Jan
    28 Jan
  • The expansion of digital business, growth of cloud services and increasing regulatory scrutiny of third-party vendor relationships are just a few factors placing a heightened focus on vendor risk management.

    But not every vendor relationship is created equal. A true, risk-based approach requires organizations to first segment their vendors based on pre-determined criteria, and then establish an appropriate level of ongoing due diligence and oversight activities based on the assigned level of risk. And while the specific activities may vary across organizations, there are three types of risk you want to be sure to address.

    30 Nov
    30 Nov
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