Vendor Management Tips From the Experts Themselves
Tips from Experts in Accounts Payable, Finance, Cybersecurity, and More
Who’s still buzzing with vendor management tips from our in-person event, The Strategic Importance of the Vendor Master File?
If you missed it, you are probably very sad. We don’t blame you. There is only one “first time,” so we’re sad for you too!
Fret not, for we have gathered tangible takeaways you can back to your team.
Below is part one of a summary of key takeaways. Enjoy, implement, and start moving towards that ideal state in vendor management.
Let’s face it. The vendor desk is understaffed, underpaid, and underappreciated.
In fact, a typical salary for an Accounts Payable Specialist breaks down to $12-$15/hr., according to Debra Richardson of Debra Richardson LLC. That’s what Taco Bell employees make–and they get free food!
Like the U.S. Mint Police guarding the country’s gold at Fort Knox, vendor maintenance is the new frontline against vendor fraud. Yet, vendor desk staff get paid like fast food employees.
Something’s wrong and it needs to change. That’s where executive support comes in.
Your organization’s executive team–and other departments affected by your work–must know how critical your role is.
A chilling statement: “The pandemic indoctrinated an entirely new generation of fraud actors.”
This came from Linda Miller, CEO of Audient Group.
These days, fraudsters don’t have coding skills. They can buy SaaS on the dark web, rent a bot for the day, and access low-code or no-code technology to help them carry out fraudulent activity at scale.
In other words, the barriers to entry for fraud have reached an incredible new low. And unfortunately, most organizations don’t understand how adversarial these threats are.
Scams are also becoming more sophisticated with voice technology. Fraudsters don’t just rely on email anymore, they use voice spoofing technology for phone and video calls. They spoof phone numbers. They text.
Expecting the vendor desk staff to keep pace with the ever-changing fraud schemes and tech is an impossible task. And with no help forthcoming at the federal level, organizations need to defend themselves.
As the saying goes, you can’t be what you can’t see.
The ideal state in vendor management does exist and can be possible for your team. You just need to visualize it first.
That’s what we had our panelists do.
If all processes were optimized, if you were caught up on everything, what would you get to do or think about? What data would you collect?
Here’s what our panelists had to say. You can glean several vendor management tips just from their answers.
We have your back. Below are several resources with plenty of additional best practices and tips to help you improve your vendor management processes.