Wendy Grayauskie, Assistant Director for Procurement at Villanova University, and Miguel Silva, Procurement Assistant for CSU Monterey Bay, joined us for the 4th installment of our podcast: PaymentWorks Presents Risky Business.
Below is an edited excerpt from that conversation where they discuss how the title of this blog is what keeps them up at night. You can listen to the full podcast here.
Mistakes are going to happen in any business, at least any business that involves humans. 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 master. 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 on your vendor master!
We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down.