Vendor Management

How Procurement Can Enable Insurance Companies to Deliver Value to Claims Management

Posted: 08/22/2020 - 02:36
Procurement’s key metric is vendors’ value contribution, not cost.

At U.S. insurance companies, policyholders’ claims represent 70% to 75% of the total cost. This makes complete sense, of course, since policyholder benefits are the sole reason why anyone buys insurance products and services.

The problem is, at insurance companies, procurement is limited to supporting indirect spend — real estate, marketing, finance, etc. — which accounts for less than 10% of the organization’s total costs and severely limits our ability to provide substantive value.

Third Party and Supply Chain Risk Management: Then and Now

Posted: 05/25/2020 - 02:34
Third Party and Supply Chain Risk Management

The worldwide crisis made us hyper-aware that trust-worthy relationships are vital. Effective third-party risk management is the best way to gain assurance that responses and decisions are risk-informed. Managing third-party relationships, calibrated for criticality and risks, has never been more critical. This is the most reliable path to strengthen business resilience, protect stakeholders and the bottom line.

7 Steps to Build and Execute your Sustainable Procurement Initiative

Posted: 04/20/2020 - 05:26
Sustainable procurement

Identify Your Sustainability Priorities

To build a sustainable procurement process that complements your company’s core mission, the next step to take after conducting a thorough spend analysis is to identify the blend of environmental, social and economic sustainability goals your organization both prioritizes and is able to make real impact by addressing.

How Executives Achieve Alignment To Drive IT Deal Negotiations

Posted: 04/06/2020 - 05:20
IT Deal Negotiations

What’s the biggest challenge in IT deal-making?

Understanding ownership of the process, and what role everyone is playing. This must be clear from the outset. Some organizations are not relationship-driven and rely on the top person, relegating the rest of the team to the sideline. This presents problems, because the team is only involved at the last minute, and by then, it’s too late for them to be effective.

4 Traits to Look for in a Software Development Outsourcing Vendor for Perfect-Fit Alignment

Posted: 06/04/2019 - 01:00
Newsflash for any company with tech job openings: there are three (!!) opportunities for every candidate, which creates negative unemployment for software developers in North America. For procurement teams, this means it’s time to find software development service providers. You may have “been there done that,” or you might be facing this issue now. The big question is…how do you find the perfect-fit provider that will set your team up for success? 

How AI and Digital Apps Can Support In-Person Vendor Negotiations

Posted: 06/01/2019 - 10:23
Negotiation is a fundamentally human act between two or more people. When it comes to vendor negotiations, this is driven by the prior (and future) relationship between human counterparties. While digital processes can support this mission, if a key decision maker involved in a vendor negotiation goes on vacation, changes jobs or gets hit by a bus, the negotiation will stall or scramble to reach a conclusion.

Stop, Drop and Get Sustainable: Four Ways to Get Sustainable Procurement Started Now

Posted: 03/01/2019 - 04:02
Whether you read the news on purpose or stumble upon headlines inadvertently, it is tough to miss the stream of stories related to the impacts of climate change. For me, experiencing the California wildfires of 2018 as a new Bay Area resident was an eye-opening period. My place of residence was uninhabitable due to smoke pollution at the same time that I was speaking on a panel regarding catalysts for supplier action on climate risk. The call to action could not have been louder.

Why wait to start your tech implementation?

Posted: 12/27/2018 - 03:37
Though slight variations are inevitable, most procurement organizations follow a familiar process for selecting and implementing their tools. Generally, it looks something like this.  
 
  • They decide they need a new procurement solution.
  • They conduct research and begin to engage with appealing providers.
  • They create and distribute an RFP.
  • They score the RFP responses to narrow things down.  

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