Vendor Management

The Case for Changing the Chief Procurement Officer Role

Posted: 09/30/2020 - 23:19
Within your organization, have an open dialogue to explore how Procurement and the CPO role can evolve.

Procurement Sentiment and Observations

During this pandemic, many organizational CEOs and Board members have become aware of and startled by the inefficiencies and bureaucracies in their Procurement organizations. C-suite executives discovered their organizations were in predicaments with deep and broad implications none of us had previously fathomed. Most of us never imagined we’d need to find new suppliers, support, or transition from current ones to diversify for business continuity at the drop of a hat. 

What Is ISO 27001? Everything You Need to Know

Posted: 09/25/2020 - 20:52
The ISO 27001 standard is meant to prevent cyber threats from becoming security incidents.

Data security is a significant issue of concern for both small and large organizations. As an organization holds onto data collected from customers and vendors, it should be wary of the threat posed by cybercriminals. There are several standards that you should comply with when it comes to information security. ISO 27001 is one such standard.

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.  

Collective Knowledge is Power, with Deepak Bansal, Kristin Gallagher, and Linda Tuck Chapman

Posted: 09/20/2018 - 09:36
Dawn Tiura: Now, today with me is Deepak Bansal. He is nominated as a Sourcing Star, but if you just hear his title, and some of the things he did, you're gonna have no doubt that he is a star. Deepak is the head of IT Sourcing and Vendor Management for Envision Healthcare. Envision Healthcare, EVHC, is undergoing a divestiture of 20% of its business, and Deepak has led the effort in disentangling over 200 IT contracts between two entities while maintaining costs consistency. So Deepak, I wanna welcome you. Wow, 200 IT contracts. Can you tell us a little bit about that?

Software Negotiations: Stakeholder Alignment and Leading the Negotiation

Posted: 08/10/2018 - 23:39
In the first half of this series, we covered the importance of collecting crucial information regarding your software spend, user details and requirements. The next step in the process is analyzing the data to understand the available next steps and points of negotiation. But, before you head into negotiations with your respective vendors and break out the pen and paper to finalize the contract, be sure you’re aligned with your stakeholders.

The Power of Collaboration

Posted: 05/12/2018 - 00:02

Members of RMA’s Third-Party Risk Management Round Table are experienced leader-practitioners, individually and collectively creating emerging best practices in third-party risk management. As the round table’s facilitator, subject matter expert, and member of the Steering Committee, it’s exciting and rewarding for me to be integral to this evolution.

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