The Institute of Financial Operations (IFO) publication FinancialOps latest edition has a feature article on Vendor Management. The article comprises interviews and information into how companies view and approach vendor management as well as tools to assist organizations in those activities, such as vendor portals, sourcing portals, vendor on-boarding and maintenance systems and AP/transaction processing automation to name a few. As the article points out, Vendor Management is starting to gain more visibility in organizations and in many supply chain intense companies has even reached the level of its own entity through the creation of the Vendor Management Office and in some cases the appointment of a Chief Vendor Management Officer.
The article provides insight into this discipline and features contributions from Jim O’Rourke at ICG Consulting as well as ICG customer MGM Resorts International’s Kathy Sharp who is the Executive Director Shared Service, Accounts Payable for MGM.
This is a topic that will be addressed frequently in 2014 by various publications and conferences serving the various aspects of financial back-office, procurement, supply chain and other constituencies. Practitioners in these areas would be well served to keep up with the trends and technology in this area. This article is a great introduction into this subject matter and can be viewed by clicking on this Vendor Management link.