These are part-time, sometimes also called fractional, contract staff that can augment your various functions in your company. They can be used to bridge a gap, start new initiatives that get handed off to employees, or serve as interim leaders for new or existing functions.
We use vendors to perform a service or provide a product, so I don’t see how this really makes sense?
If you are viewing vendors as a necessary evil, a transaction to get a service or a product in the door, you are likely missing many opportunities to get more value through the relationship. We put a strategic workflow in-place that manages for outcomes that align to your business. For example, with a new vendor, […]
Isn’t procurement’s job to onboard vendors?
Procurement employees and teams are responsible for onboarding vendors. They are not trained to screen for risk management, information security, or negotiate favorable high-value terms with vendors. This is particularly the case for services that are technical in nature and need to be aligned to the company strategy or trajectory. Procurement efforts are often transactional. […]
Is this a long-term or short-term solution?
Once you and your team experience Vendor Fidelity®, we are confident you won’t return to the old ways. The value is just too substantial.
How long of a commitment is this?
Typically, we start with a 6-month term. Beyond that it’s usually an annual renewal, although we have clients with longer term agreements.
Is this a cookie cutter approach that you run the same for everyone?
No, we start with a best practice set of initial outcomes and workflows. Then we tune it to your environment. That way, you get the best practice and something that uniquely fits your needs.
This sounds expensive – is there any kind of Return on Investment or is it just sunk cost?
There is a demonstrable ROI. With commercial contract management and risk management together, you achieve what we call Vendor Fidelity™, where the savings and cost avoidance pay for the service. The value is real and measurable.
How do you know how many resources to dedicate to the effort?
It varies, depending on the number of existing vendors, new vendors/month, existing process, etc.. We usually have our team segmented between “clean-up” team for existing vendors and an “onboarding” team for vetting new vendors. Of course, once the clean-up is done, we then focus on the current vendor relationships and decisioning new vendors.
How do you measure success?
Each situation is different. We tune the measures of success to what is most important to you. Here are few examples measures of success: Risk reduction Strategicsavings Time to decision There are many more from which to choose. The right ones will get the results you need, and we’ll determine the right ones after our […]
What does your work look like?
We are in the background, making a great experience for employees and vendors in a way that everyone knows where things stand. Outstanding communication and collaboration are our hallmark. Your teams will notice us right away for good reasons. We will free-up their time, so they can focus on growing your business and getting their […]