Quantivate: Ten tips to improve vendor management program

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Quantivate: Ten tips to improve vendor management program

  1. 1. 10 Ways to Improve Your Vendor Management Program Presented by Andy Vanderhoff Quantivate
  2. 2. 1. The Evolving Role of the Vendor Manager • Legal Clerk • Contract Negotiator • Paperwork Administrator • Senior Leader • Strategic Thinker • Business Development
  3. 3. 2. The Argument for a Senior Level Vendor Manager • Ask yourself could your institution survive without vendors? • Who controls more interactions with your members – your employees? – your vendors? • What scares you more – a disaster at one of your branches – a disaster at your outsourced (fill in the blank)?
  4. 4. 3. Understand Vendor’s Market Position
  5. 5. Gartner’s 2012 Hype Cycle
  6. 6. 4. Understand Your Market Position • Resource: Your strategic plan
  7. 7. 5. Change the Performance Scale • Keep vs. Fire • A vs. F Strategic Business Partner vs. Just Another Check Casher
  8. 8. 6. Connect • Connect with key sales people on LinkedIn to gain an inside scoop on the industry
  9. 9. 7. Use the Right ROI • Types of ROIs – Efficiency: • Savings from Reduced Hours – Cost = ROI – Growth: • Additional Revenue – Cost = ROI – Good-Will: • Additional Members or Lower Churn Rate * Average Rev Per Customer – Cost = ROI
  10. 10. Use the Right ROI • Types of ROIs (con’t) – Risk Mitigation/Avoidance: • Cost of Potential Event / Probability – Cost = ROI – Compliance: • (just do it)
  11. 11. 8. Tie Original Business Plan (ROI calculation) to the Vendor Performance Review Cycle
  12. 12. 9. Choose the Right Implementation Model • Distributed – Every manager performing VM on the vendors they own • Centralized – One group performing VM tasks for all vendors
  13. 13. 10. VM as a Strategic Key Performance Indicator (KPI) • Health of your vendor eco-system should measure: – Performance metrics – Financial
  14. 14. Questions
  15. 15. Thank you! Andy Vanderhoff, CEO andy.vanderhoff@quantivate.com Quantivate is the NAFCU Services Preferred Partner for Vendor and Contract Management. Learn more at www.nafcu.org/quantivate.

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