Vendor Management

Every procurement team has favorite vendors — the suppliers that always go the extra mile, give consistently competitive pricing, and make the purchasing process easier. Finding those vendors isn’t a matter of chance. These relationships are the result of careful selection, good communication, and continued partnership.  Looking for vendors to fulfill procurement needs can be […]

Evaluating vendors on performance can be a difficult task. Companies often rely on the subjective experience of stakeholders to determine whether vendors are providing good value, sufficient service, and quality products. But subjective experiences may cloud the objective truth about a vendor’s performance.  When deciding which vendors to use and how to negotiate with them, […]

In the face of supply chain disruptions and major shifts in economic conditions, many organizations are working with more vendors to establish supply chain resiliency and get products at the best possible price. As the number of vendors increases, so too does the complexity of management and the potential for issues. A single company may […]

Keeping an eye on a company's money goes beyond simple cash accounting. In the digital era, instances of fraud from third-party vendors are on the rise. As fraud schemes become more sophisticated, fraud prevention methods must become more diligent. Fraudulent activity costs companies thousands of dollars in lost cash, legal fees, and diminished financial power. […]

Supplier relationships are a lot like personal relationships. Each is individual, enriches daily life, and requires different levels of attention to keep strong. Just like best friends, there are a few suppliers your business simply couldn’t live without. Businesses rate the characteristics of their supplier relationships using supplier segmentation. Evaluating your supply chain relationships with […]

A contract is more than just an outline of your rights and obligations in a deal. It is a corporate asset that requires management and review. Moreover, correctly managing the contract lifecycle can open opportunities for savings and improvements in how your organization conducts business.  What is the contract lifecycle, and how should your company […]