Mistakes are going to happen in any business, there really isn’t any way around that. While it would be wonderful to eliminate the scourge of mistakes completely, that just isn’t realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor file. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them as an active vendor in your file! We have five ways your vendor file is losing your organization money, along with some practical advice on how to avoid these sneaky, unseen and often unmeasured costs.
