Polaris has been steadily adding vendors to support their growth. Since some of these vendors are supported with Federal funding, one of their challenges was to get their procurement policies and procedures compliant with new Federal procurement regulations. Another big challenge was that they had no central procurement function, so they needed a way to manage procurement activities and ensure compliance with limited resources from an already stretched finance team.
Polaris turned to Vendor Centric to help them get their policies and procedures compliant, but also to provide a long-term solution for successfully managing procurement with a small finance staff.
- Redesigned procurement activities that were right-sized for Polaris and could be successfully managed by their small finance team.
- Documented policies and procedures that supported all procurements yet were also compliant with Federal requirements under the Uniform Guidance.
- Automated procurement activities (using a cloud-based vendor management system, VendorRisk) to centralize information, eliminate time consuming manual tasks and provide scalability as new vendors are added.
- Improved procurement reporting for use by management and to support Federal compliance and auditor requirements.