This guest blog is by ELGL member Chris Van Beke, the cofounder and CEO of Vendor Registry.
In the world of local government finance, purchasing is one the easiest and more immediate ways to help your organization be more efficient. In particular, implementing an online vendor management system will save both hard and soft costs while reducing risk for your organization.
Adopting online vendor management for your organization helps Finance by:
- Allowing you to manage bidding vendors outside of your accounting system so that you keep data clean within your financials;
- Eliminating hidden costs typically experienced in the purchasing lifecycle (e.g., data entry, stale data, rebids, higher prices, contested outcomes and uninsured contractors);
- Establishing an electronic system of record which tracks all user actions;
- Allowing you to get better pricing (and value) from more competing vendors; and,
- Having a centralized vendor and contract document management system, which grants easy access to important documents.
Like the idea of saving money and mitigating your risks? If so, click here to read the full white paper by Vendor Registry. If you’re a purchaser, this is great content to share with your Finance Director!