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FAQs
Consider the financial implications to your business if suppliers are not performing to your expectations

Email us directly with any specific questions you have:info@vendormanagement.co.nz

What assurances do I have to protect the content or documentation submitted for review?

Vendor Management NZ believes security assurances to be an integral part its services; therefore our customers are protected in the following ways:

  1. All VMNZ officers, employees, sub-contractors and agents are bound by a non-disclosure agreement for the protection of any confidential customer information obtained through its services.
  2. To further protect our customers a non-disclosure agreement shall be executed between Vendor Management NZ and every customer prior to the commencement of any work and protect repeat business activities.
  3. By providing a secure environment for document uploading and internet payments.
Does this service replace a legal review?

Vendor Management NZ, highly recommends all documents are reviewed by legal counsel prior to execution. However, it is also important to consider that clauses pertaining to core business impact are not always fully appreciated in the context of the legalese. This is the value of having Vendor Management NZ review your documentation and having access to industry expertise when you need it.

We can advise on operational impact and liaise with your legal representative to ensure the final document is something your company understands and agrees.

What if I don't have a lawyer and still require a legal review?

No problem; Vendor Management NZ, can provide you with assistance to meet this requirement.

Does managing vendors and external service providers really save money?

Absolutely! Cost saving is far more than just a cheaper hourly rate or a purchase discount. Consider all the hidden costs, for example:

  1. What is the financial implication to core business operations if a supplier is not performing to your expectation? or a customer is not paying on time?
  2. Or if your business is continuing to pay for something that it no longer uses, just because it always has, or the validity of the invoice is not questioned or the services are not regularly audited?
  3. Or perhaps your business is financially committed to paying irrespective of termination?
  4. What about FTE (read: Full Time Employee) efficiencies?

Now before you think that this never happens, think again. The above is just a small sample of actual discoveries the Vendor Management NZ team have come across and it's easy to see how financially the costs can quickly add to become a substantial amount waiting to be realised.

What is a Vendor?

Vendor has the same meaning as supplier and essentially refers to any external provider of product or services to your business, whether you think they are contracted or not.

What is a Stakeholder?

The dictionary defines a stakeholder as 'any person or group that has an investment, share, or interest in something'.

In layman terms this means any person or group within your organisation that may be impacted by a produt or service or the provisions of an agreement or contract, for example if the vendor for some reason did not provide the service who in your business would be impacted? Alternatively consider the persons within your organisation that may be charged with decision making pertaining to aspects of the service or who hold the financial approvals.

What does Benchmarking mean?
In the context of vendor management; benchmarking refers to the basis, standard or level which vendors, products or services can be judged, measured or compared. This is by no means a full list, however some common benchmarking criteria’s are: performance trending, responsiveness, cost and ROI (read: Return On Investment).
Are documentation reviews limited to contracts?

Not at all; Contract loosely refers to any formal commitments between parties which is enforceable by law. However, agreement is used to reflect in a wider context other documentation used in business such as; evaluation agreements, procurement agreements, maintenance and support agreements, implementation agreements, contractor agreements and the like.

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