The latest article in BAI Strategies predicts that for 2014,”banks are committed to reducing expenses and operating more efficiently through better use of technology, improved hiring and training practices and right-sizing business units.” While going electronic with some transactions and cutting staff will help, everyone overlooks the single biggest opportunity: the cost of vendor contracts! A financial institution’s spending on contracts with its vendors for goods and services typically makes up more than half of its noninterest expenses. Unfortunately, this article does not recognize that the value delivered by an effective vendor management program is the single best way to gain control over expenses and improve efficiency. At VendorINSIGHT our solution has embedded services like CONTRACT REVIEW SERVICES, making it much more than just a risk and compliance solution. Every day we deliver a full complement of business services that are integrated into our software. Our customers shamelessly take advantage of this to get efficiency and cost reduction! Think of it as compliance with an ROI.
What happens if you suddenly lose your point of contact (POC) at a vendor? A POC is an individual or a specific department who acts