Vendor Management Programs Tailored Just for You
Our experts guide you in the design, implementation, and deployment of your program, ensuring it is right-sized, scalable, and built on our proven vendor management framework.
Our Vendor Management Experts Guide You Every Step of the Way
Partner with Vendor Centric to confidently implement and optimize your new vendor management program. From initial design to full deployment, we provide comprehensive support at each stage of the process. Leveraging our proven vendor management framework, we tailor a program that is built on best practices but also manageable for the size and scale of your organization.
Together, let’s build a vendor management program that meets your near-term needs while also scaling to support your long-term goals.
The Value of Working with Vendor Centric
Proven
Framework
Our modern framework and structured methodology lay the foundation for creating a tailored program aligned with vendor management best practices.
Accelerated Implementation
Utilizing over 20 proprietary tools and templates, our proven process eliminates the guesswork to implementing your program thoroughly and efficiently.
Expert
Support
Our vendor management specialists leverage extensive expertise and industry insights to provide strategic and tactical support throughout the process.
Vendor Centric helped us design and operationalize our end-to-end vendor management program. We now have policies, procedures and a system to support all of our activities, and a program that complies with regulations.
Our Approach
Step 1
Strategy & Design
The process starts with the strategy and design of your vendor management program, ensuring you establish a solid vendor management framework and operating model. During this process, we clarify your strategy, define your scope of operations, determine the infrastructure you will need to support it, and create a detailed game plan and timeline for operationalizing your program.
Step 2
Infrastructure Development
The next phase focuses on building out your vendor management program governance. We establish your policies, procedures, and technology infrastructure. We also align your resources, ensuring roles and responsibilities are clearly defined, and develop training and job aids to empower your staff once the program is deployed. We conclude by establishing success metrics and reporting structures, laying a solid foundation for continuous management.
Step 3
Deployment & Value Creation
Through staff augmentation, managed services, and periodic program reviews, we provide the ongoing support you need to ensure your program remains agile and responsive to your business needs.
Strategic Vendor Management Program to Enhance Regulatory Compliance and Foster Growth
Facing a significant compliance deadline, Legal & General America (LGA), a leading life insurance provider, partnered with Vendor Centric for a tailored vendor management program. This collaboration swiftly met regulatory demands, significantly reduced third-party risks, and enhanced performance, all while cutting costs. The robust framework established not only laid the groundwork for scalability but also marked the beginning of a five-year strategic partnership that was instrumental in LGA’s mission to deliver financial protection to American families, paving the way for scalable growth.
Ready to Get Started?
Get your vendor management program up and running in no time with our tailored approach and hands-on support.
Frequently Asked Questions
We cover all three operational pillars of vendor management:
- Procurement and Purchasing Operations
- Contract Management Operations
- Third-Party Risk Management Operations
Each of these operational areas are aligned to our vendor management framework, ensuring we capture critical policies and procedures and support your unique vendor management goals and objectives.
We’ve designed our methodology to tailor your program around our proven vendor management framework. Once we understand your goals, we evaluate every aspect of your operations to refine and right-size your policies, procedures, technology, and resourcing in a practical way, aligning with best practices and ensuring you can sustain a successful program for the long run.
As every organization’s scope of operations differs, we will work with you during Phase 1 of the process to define the third parties to include in your program. We will help you map out your third-party ecosystem, establish priorities, and ultimately determine which vendors are in-scope (and out-of-scope) for your vendor management program.
We plan the design of your new vendor management program with growth in mind. At every step, we carefully incorporate scalable processes, adaptable policies, and flexible technology infrastructure, laying the foundation for a program that adapts to your changing needs, expanding vendor base, and maturing operations. This guarantees the program’s long-term effectiveness as your organization and industry evolve.
Leveraging the right technology is crucial to the success of your vendor management program. As independent advisors, we guide you in creating your technology strategy and implementing the right software on time and on budget. Our experts ensure that your technology stack fully supports your organizational needs and compliance requirements and that you optimize efficiency and value at every phase of the vendor management lifecycle.
Our approach utilizes a proven framework meticulously updated to incorporate the latest vendor management regulations and best practices. Roughly 80% of our clients are in highly regulated industries such as banking, insurance, healthcare, and government contracting. We are familiar with the latest regulatory requirements and ensure your program complies with all applicable regulations.
Understanding the critical role of training and change management, we prioritize stakeholder engagement from the outset. From vendor management program planning to design and implementation, we bring together key contributors from procurement, risk, legal, compliance, IT, finance, and operations to share insights and secure their support.
In the design phase of your vendor management program, we identify applicable corporate values and policies that need to be considered in your program. Our team of experts will guide you in creating and tailoring your policies to align closely with your organization’s core values, goals, and risk tolerance.
In the digital landscape, cybersecurity and data privacy are non-negotiable when it comes to vendor risk management. During the design phase, we work with you to define your vendor risk management goals and priorities, focusing on critical risk domains such as cybersecurity, data privacy, operational resilience, and financial stability, amongst others. This ensures your vendor management program incorporates effective third-party risk management and aligns with your risk management goals and risk tolerance.
A key advantage of our strategic partnership is our approach to continuous improvement. We integrate closely with your team over the long haul, ensuring your new program remains well-resourced, scalable, and continually assessed for improvement opportunities. Through regular business reviews and annual program analysis, we work hand-in-hand with you to pinpoint opportunities for streamlining operations and boosting efficiency. This method aims to manage vendor costs and minimize risks while continually optimizing vendor performance, thereby securing enduring value for your organization.
Implementing a vendor management program is unique to each organization. The length of time it takes to design and deploy a new program depends on several factors, including vendor management goals and objectives, the scope of your program, and your team’s capacity. As part of our proposal process, we can provide you with an estimated timeline to create your program.
Simply schedule a new vendor management program consultation with one of our specialists, and we’ll provide you with a custom proposal with scope, timelines, and pricing.