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10 Ways to Improve Your Vendor Management Program
Presented by Andy Vanderhoff
Quantivate
1. The Evolving Role of the Vendor Manager
• Legal Clerk• Contract Negotiator• Paperwork Administrator
• Senior Leader• Strategic Thinker• Business Development
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)?
3. Understand Vendor’s Market Position
Gartner’s 2012 Hype Cycle
4. Understand Your Market Position• Resource: Your strategic plan
5. Change the Performance Scale
• Keep vs. Fire• A vs. F
Strategic Business Partner vs.
Just Another Check Casher
6. Connect
• Connect with key sales people on LinkedIn to gain an inside scoop on the industry
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
Use the Right ROI
• Types of ROIs (con’t)– Risk Mitigation/Avoidance:
• Cost of Potential Event / Probability – Cost = ROI
– Compliance:• (just do it)
8. Tie Original Business Plan (ROI calculation) to the Vendor Performance Review Cycle
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
10. VM as a Strategic Key Performance Indicator (KPI)• Health of your vendor eco-system should
measure:– Performance metrics– Financial
Questions
Thank you!Andy Vanderhoff, CEO
Quantivate is the NAFCU Services Preferred Partner for Vendor and Contract Management.
Learn more at www.nafcu.org/quantivate.