Supplier Governance

Out with the old, in with the new. What was once considered Vendor Management, has been elevated and evolved into what we are excited to call, Supplier Governance. This is a fundamental change in our organization’s process, and arguably our biggest asset (besides the people), The Seprio Wheel. Where Vendor Management focused heavily on compliance, sourcing processes, contracting approvals, and controlling spend. Supplier Governance will have all of that, but cranked up a notch. Supplier Governance is the development of an overarching set of enterprise-wide policies, processes and procedures, which is designed to optimize Supplier performance, minimize Supplier-related risks, and maximize your return on overall Supplier investment.

You may be asking, why the change? This past year, we have seen a huge jump in AI technology, big corporations changing pricing models which then in effect bring huge price increases, and an overall increase in risk when it comes to your IT contracts. We are seeing more and more people being increasingly concerned with risk, and risk is the cornerstone of Supplier Governance. With that in mind, we started to think about how we can try and combat these changes in the IT world, and what they could mean for our Clients. Supplier Governance is meant to analyze your businesses strategies, objectives, requirements, and supplier base to understand the key risk areas for your business. Then use that information to strategize and mold the enterprise governance framework and tiered management engagement to those needs, which will ultimately minimize your businesses risk and total cost of ownership, and optimize your supplier performance and strategic relationships.