Vendor Management Operations Improvement
Transform your vendor management operations with a comprehensive assessment and tailored improvement plan to drive peak efficiency, performance and risk mitigation.
Operational Assessments to Drive Higher Levels of Vendor Management Efficiency and Performance
Our operational assessments analyze every aspect of your vendor management operations, identifying opportunities to strengthen and streamline procurement, contract management, and third-party risk management. We evaluate nearly 20 critical workflows and all aspects of vendor management governance (people, processes and systems) to identify practical improvement opportunities. We then develop a prioritized roadmap you can follow to implement the recommendations and improve vendor management performance.
Partner with Vendor Centric to take your vendor management to the next level and position your organization for sustainable growth.
The Value of Partnering with Vendor Centric
Critical Workflows Assessed
From sourcing through offboarding, we cover every aspect of procurement, contract management and third-party risk management operations.
Improvements
Identified
The average assessment engagement reveals over 30 opportunities to enhance vendor management operations and performance.
Faster
Implementation
With our tailored improvement roadmap and expert support, your improvements get implemented fast and cost-effectively.
Given the complexity of Virgin Galactic’s supply chain operation, and competing demands on our own time, we needed a partner to help us establish scalable policies, procedures, and infrastructure to support our rapidly expanding supplier management operations. We were fortunate to find Vendor Centric. In addition to guiding us through the strategic thinking, they rolled-up their sleeves to help us create documentation and operationalize all of our supplier activities.
Our Approach
Step 1
Success Planning
We start by identifying strategic objectives and uniting your team, laying the groundwork for a transformative vendor management operational engagement.
Step 2
Operational Assessment
Following this, our thorough evaluation spans the entire vendor management operation lifecycle, from sourcing to offboarding, identifying significant improvement and optimization opportunities.
Step 3
Opportunity Identification
With the insight gained, we spotlight crucial improvement areas and develop comprehensive strategies to enhance vendor management operational efficiency and effectiveness.
Step 4
Improvement Tailoring & Prioritization
Next, we customize and prioritize improvement initiatives to align with your strategic vision and immediate operational requirements, focusing on improvements that provide the highest value.
Step 5
Deployment Planning
Upon finalizing priorities, we develop a detailed and clear plan for implementing improvements to enable more efficient vendor management operations.
Step 6
Implementation Support
Lastly, we roll up our sleeves and help you execute your improvements, ensuring you successfully achieve your desired outcomes.
Executing a Blueprint to Improve Health First’s
Vendor Management Operations
Health First Health Plan’s ad hoc vendor management practices were insufficient to keep up with the business’s exponential growth, so they turned to Vendor Centric to assess and help improve their vendor management operations. In less than six months, Vendor Centric helped establish an enterprise-wide vendor management office (VMO), bringing improved efficiency, increased visibility, and structured discipline to their vendor management program.
Within the first six months of its launch, the VMO identified opportunities for significant cost savings, renegotiated targeted contracts that saved money, and remediated risk-related issues.
Ready to Get Started?
Consult with a specialist to learn how Vendor Centric can help improve your vendor management operations today!
Frequently Asked Questions
Organizations face a variety of challenges in maintaining effective, efficient vendor management operations, such as:
- Lack of visibility into contracts and vendor performance metrics
- Difficulty measuring and managing supplier performance
- Unmanaged third-party risks and vendor management compliance gaps
- Redundancies in vendor services
- Underperforming contracts
- Overspending on vendor services
- Lengthy vendor selection processes
- Inefficient vendor onboarding
- Non-compliance with regulatory standards
Our holistic, process-driven assessment benchmarks your operations against our vendor management framework and best practices. By pinpointing root causes, we provide targeted recommendations to mitigate these issues and drive significant value creation across your organization, ensuring a robust foundation for vendor performance management.
Vendor Centric’s assessment process is founded on a comprehensive, best-in-class vendor management framework. Designed for the full spectrum of vendor lifecycle mangement, our framework covers every aspect of procurement, contract management and third-party risk. Now on it’s third iteration, our framework aligns to the latest best practices and regulatory requirements.
Absolutely. A critical aspect of optimizing vendor management operations involves evaluating your current technology. Our assessment dives deep into your technology landscape, scrutinizing systems, reporting capabilities and integrations to ensure they support efficient vendor performance management. Our thorough analysis spotlights areas for potential enhancements, driving improvements in efficiency and vendor management compliance. By evaluating your use of vendor performance metrics and management tools, we identify opportunities to better align technology with best practices for vendor management operations.
That’s not an issue. We can assess your operations regardless of whether or not you have documented policies and procedures. We can also help you develop and strengthen your policies and procedures as part of our implementation support services, ensuring your vendor management operations are well-structured and compliant moving forward.
Yes. Ensuring stringent compliance with industry-specific and third-party management regulations is a cornerstone of our vendor management operations assessments. This guarantees that our operational assessment identifies compliance gaps and provides a clear pathway to mitigate risks associated with vendor performance management and third-party risk management.
Yes. Our operational assessment service is designed to keep you ahead of the curve by integrating the latest vendor management trends and best practices specific to your industry. By leveraging our expertise in vendor performance management, we ensure your assessment is current and relevant. This approach empowers you to tackle present challenges and leverage emerging opportunities, providing a strategic advantage in evaluating supplier and vendor performance.
Yes. Our operational assessments can uncover improvement opportunities that can result in cost savings within your vendor management operations. These improvement opportunities can result in direct cost savings as well as indirect cost savings through improved efficiency and vendor management compliance.
Stakeholder engagement is foundational to our approach across all services. Before conducting the operational assessment, we identify and actively engage individuals from key functional areas within the organization. Our engagement process includes structured workshops and one-on-one meetings, allowing us to integrate diverse insights and address specific concerns. This collaborative method is crucial for aligning with your vendor management operation goals and fostering informed decision-making.
We handle the bulk of the workload in the operational assessment process and minimize the workload on your internal teams. This frees up time for your team to focus on the steering and strategic decisions that will ensure the success of your project.
After completing the operational assessment, you will receive a comprehensive report outlining our findings and providing prioritized recommendations for improvement. Additionally, a customized deployment roadmap will provide you with a game plan to implement the recommendations.
Yes. We provide a comprehensive suite of follow-on services to ensure your improvements get implemented successfully. They include:
- Policy & Procedure Enhancement: Developing and refining your policies and procedures to align with desired improvements.
- Software Selection & Implementation Guidance: Guiding you in choosing and implementing software solutions that complement your processes and strategies.
- Resource Planning: Aligning roles and establishing an ongoing resource strategy to support day-to-day operations.
- Training Program Development: Creating customized training programs to prepare your team for the new policies, procedures, and software.
- Comprehensive Change Management: Offering expertise in managing the organizational transition to new practices, ensuring smooth adoption.
- Ongoing Staff Augmentation and Managed Services: Providing continuous support to maintain and enhance adherence to updated vendor management processes.
Our commitment to optimizing your vendor management operations extends to offering additional reassessments to gauge progress in your vendor management and identify further improvement areas.
The operational assessment is designed to be both thorough and efficient, typically covering a span of 3 months.
The process is simple. Take a moment to schedule a complimentary consultation to discuss your project’s specifics, and we’ll deliver a customized proposal and cost estimate, typically in just a few days.