Effective Vendor Management by Mynd Solutions

Mynd understands that while making payments efficiently, cost-effectively and accurately are pivotal to every well-managed account payables function in the organization; simultaneously Supplier and Vendor’s satisfaction is measured by the ease of process offered in handling invoices and turnaround time for payment. Keeping the above concept in mind, our accounts payable service offering aims at striking a balance between process optimization and supplier satisfaction.

Organizations that have been in business operations for some duration of time are often completely occupied with several service providers and vendors facilitating their functions. Of the many vendors that service Global companies, some might be strategic however the majority are largely utilizing for executing routing tasks only. 

Irrespective of the number of vendors being on a lower side or even in larger organizations having multiple vendors numbering in the hundreds; the entire process of managing vendors is essentially a laborious and costly affair. The time-consuming process of managing multiple vendors leads to wastage of manpower resources, which might have been allocated to more strategically useful processes. 

A huge amount of leadership time and energy is wasted in the quest to manage multiple providers, thus deviating the attention from core focus areas including- management of overall infrastructure and operations of the organization. It is a well-known fact that as the vendors associated with a firm increase, in the same order the challenges associated with managing them grow. 

Mis-management often leads to Loss in Value Chain. Ill-managed vendor  relationships  create  increased expenses along with inadequacies in operations. The primary reasons for loss in value chain due to mis-managed vendors include:

• The vendor’s service delivery is effected over some time and is not as per customer’s needs
• No competition between vendors
• There is a lack of partnership for innovation across the different provider types and relationships