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What happens AFTER you reach your ideal state in vendor management? More time and brainspace to grow people, speak on larger platforms, focus on strategic initiatives, i.e. diversifying suppliers, improving sustainability efforts #strategicmastervendorfile

“I dream of a clean vendor file" --direct quote from one of our @UVA panelists. We feel you. #strategicvendormasterfile

Vendor. Teams. Need. Backing. From. Leadership. They're in the trenches, controlling a CRUCIAL part of the organization's accounting activities. #strategicvendormasterfile

Finding from the pandemic based on PaymentWorks data: Around Feb-March 2020, vendors who asked to receive a check payment instead of ACH, now requesting to receive ACH. No longer going into office to pick up checks, less frequent check runs, etc. #strategicvendormasterfile

30% of vendors in the PaymentWork network have toped to receive payment via check. These payments are typically under $10K, so cost per check is significant #strategicvendormasterfile

3 forces of change impacting the vendor payables ecosystem: 1. time value of money 2. supply chain disruption 3. human capital concerns #strategicvendormasterfile

Payments Trends and the Time Value of Money with all-star panelists from @UVA and @jpmorgan #strategicvendormasterfile

After implementing PaymentWorks, @JohnsHopkins has been able to register all vendors w/in 7 days almost 95% of the time. They got their 30-day vendor registration down to about a week! P.S. they register ~10K vendors/year #strategicvendormasterfile

Matthew Persic from @JohnsHopkins was an early adapter of PaymentWorks talks about how his procurement team uses technology to control/harness the vast amount of changing data. #strategicvendormasterfile

What does an ELITE vendor team do? Strategic, value-added tasks. Upskilling team members, vendor master file cleanup, vendor setup & maintenance audits, vendor data operations/metrics, paying more attention to compliance rules/regs, AP automation #strategicvendormasterfile

Do this at least quarterly: Revalidate or inactivate all of your vendors. Inactivate vendors you haven’t worked with in 15-24 months, Revalidate current vendors. #strategicvendormasterfile

Vendor maintenance is the new frontline against vendor fraud. Make sure that everyone in your organization knows this. Company-wide understanding will help you make the vendor management process easier/less pressure on you #strategicvendormasterfile

Does your vendor team stay up to date with @NachaOnline rules? Their regular emails are helpful! nacha.org/rules/operating-ru… #strategicvendormasterfile

The vendor center guards your company’s gold, yet their salary breaks down to about $12-15/hr 🤔 #strategicvendormasterfile

Debra puts the "AP" in "HAPpy"! Want tips on fraud prevention and vendor setup training to protect the vendor master file? Listen to her podcast, 200+ episodes. debrarrichardson.com/podcast… @APinhAPpy #strategicmastervendorfile

Time for our keynote! The amazing @APinhAPpy is talking about how to forge an ELITE vendor team and why vendor teams are due for so much respect. #strategicvendormaster

With dessert of course #strategicvendormasterfile