by Sarah Greenberg

Content Manager

A Vendor Management Template You’ll Actually Use

What does a day in the life of a vendor desk worker look like? If you think it’s just data entry or a clerical job, you are dead wrong.

What Really Goes On At the Vendor Desk

The Challenges You’re Up Against

The Only Vendor Management Template You Need to Drive Organizational Changes

Three Steps to Improved Vendor Management

Results of Using the Write It Down Template

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What Really Goes On At the Vendor Desk

If you think just any old vendor management template can help, you’re part of the problem.

Let’s hear from someone actually on the frontlines of vendor management for their organization.

Below is a clip from our recent podcast–a podcast that spilled so much tea on vendor management challenges that our guest asked to be anonymous.

Clearly, vendor desk workers want to drive much-needed changes in their organization’s vendor management process. And if you’re on the vendor desk yourself, you know how hard it can be to get leadership and other decision makers to listen to you.

That’s where our new vendor management template, Write It Down: A Template for Documenting Procedures for Supplier Onboarding and Change Management, can help.

The Challenges You’re Up Against

You, more than anyone else, know the risks that your organization faces every day. Charged with safeguarding against fraud, streamlining workloads, and enhancing profitability, your role is pivotal.

You know that fraudsters love your manual vendor management process. With spoofing, vendor email compromise, executive identity impersonation, and whatever they think of next, it may feel as if you are fighting a defensive war on too many fronts.

Check out these startling facts:

First, in 2022, there were $10.3 billion in victim losses from reported cybercrimes, up from $6.9 billion in 2021 (2022 FBI Internet Crime Report).
Second, among organizations that encountered either attempted or actual payments fraud, 53% attributed the fraud to Business Email Compromise, or BEC (2023 Payments Fraud and Control Survey).
Finally, the barriers to entry for fraud have reached an incredible new low. These days, particularly since the Covid-19 pandemic, bad actors can commit their crimes with little to no technical knowledge. Just ask fraud risk management expert Linda Miller.

In other words, you cannot let your guard down even for a moment. Fraudsters are patient and will eventually exploit any weakness in your process they can find.

What does all of this mean? That you’re probably losing sleep. One human mistake on your part could cause significant damage to your organization.

It’s time to make a change–to make your job less stressful and to make your vendor management strategy more efficient and secure.

The Only Vendor Management Template You Need to Drive Organizational Changes

Overworked and stressed, you know the importance of an optimized vendor management process.

Yet, translating that knowledge into actionable change can be daunting…and just plain exhausting because it’s hard to get higher-ups and other teams to pay attention.

These conversations can be uncomfortable, yet they are essential for driving positive change.

Enter PaymentWorks’ game-changing tool: Write It Down: A Template for Documenting Procedures for Supplier Onboarding and Change Management.

This vendor management template is a catalyst for transformation. It empowers you to take the reins of change and lead productive conversations within their organization.

Additionally, it acts as a comprehensive guide for auditing current supplier onboarding processes and identifying areas for improvement.

Write it Down Template image

Three Steps to Improved Vendor Management

We’ve said it before and we’ll say it again. The Write It Down Template isn’t a typical vendor management template that helps you generate only minor results.

Rather, this is a tool that will move you through three steps to a fully optimized vendor management strategy that your leadership is happy to report.

Step 1: Audit and Analyze

First, Write It Down prompts you to assess existing procedures meticulously. By involving team members and cross-functional departments, you gain a comprehensive understanding of the strengths, weaknesses, and potential risks associated with the current vendor management strategy.

Step 2: Collaborate

Next, the template requires a collaborative approach. It facilitates conversations that not only involve vendor desk staff but also key stakeholders from other departments. This inclusive approach ensures that insights from various perspectives are considered, leading to a more well-rounded assessment.

Step 3: Identify Opportunities and Have Productive Conversations

Third, with a clearer picture of the existing process, the template guides you in pinpointing missed revenue opportunities, gaps in security, and areas that require enhanced efficiency. This insight forms the basis of your conversation with leadership and other teams.

Armed with insights from this vendor management equipment, you’re equipped to approach higher-ups and other stakeholders with a well-structured argument for change.

Instead of abstract discussions, you can present concrete data and actionable recommendations. The template’s comprehensive assessment provides the context necessary to demonstrate why change is essential for the organization’s success.

Results of Using the Write It Down Template

What can you expect after using Write It Down? A lot. Here are a few results you can expect to see.

Data-Backed Insights

First of all, the template empowers you to present data-backed insights, making it easier to illustrate the gaps in the current vendor management strategy.

Tangible Action Plan

Next, with identified weaknesses and revenue opportunities, you can propose a clear action plan that resonates with leadership.

Efficient Communication

Third, structured conversations facilitated by the template enable you to articulate your points effectively, ensuring that your message is understood and acknowledged.

By transforming abstract discussions into data-backed arguments, you pave the way for a vendor management strategy that makes your life easier.

Elevate the Vendor Desk

Finally, Write it Down is a one-of-a-kind vendor management template. It guides you in auditing your vendor management processes. Additionally, it helps you showcase your dedication to efficiency, security, and profitability.

When presented to higher-ups, it serves as a tangible testament to your commitment to the organization’s success. As you engage in conversations about the template’s findings, solutions, and the potential revenue opportunities you’ve identified, you’re advocating for the betterment of the vendor desk. Furthermore, you’re positioning yourself as a key player who contributes to the organization’s strategic growth.

This is your opportunity to step into a more influential role, ensuring that your expertise is recognized, your insights valued, and your voice heard at the highest levels.

In sum, that’s what Vendor Management Appreciation Day is all about.