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About Stephen Guth. Stephen Guth. Books by Stephen Guth. Trivia About The Vendor Manage No trivia or quizzes yet.

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Quotes from The Vendor Manage Better than plastic In both of these use cases, it makes sense to eliminate unnecessary, duplicative work. Once the PO, complete with accounting codes, is approved, a virtual p-card is dynamically generated by the buyer and sent to the supplier. This offers much more security and control than traditional p-cards, which is how a lot of companies currently address these spending use cases. What usually happens is that a p-card is issued to a departmental manager or admin, and the card or card number is shared among the employees in the department.

Suppliers may even have the card number on file. You really only know how much has been spent when you get the statement.

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Then you have to manually reconcile the statement by sending this data to a whole bunch of people, asking them to provide receipts, and then key the transactions into the ERP. Neither choice is really great. Companies want other options. No longer do you have to reconcile p-card reports and receipts, rather the virtual card charge transactions are tied to a Purchase Order — automatically. It just means that the supplier can get paid sooner.

Anytime you need a three-way match between purchase order, receipt of goods and invoice, the full process is required. And, not every supplier is going to accept the virtual p-card, even for smaller purchases.

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But, many should see value in getting paid faster, with less paperwork required. This is actually a fast, easy alternative to an early-pay discount program or other working capital optimization plan. The supplier is getting paid early, and the buyer gets to hold their money until they pay their statement, and they get card rebates as well.

There are times when businesses just need to pay fast, and historically that has meant giving up a measure of visibility, accountability and control. Seeing is Believing! Add to cart. Be the first to write a review About this product. About this product Product Information Negotiating the lowest possible price is no longer enough.

Internal customers now demand more-they need business advice, guidance, and expertise to manage their sourcing requirements. They need an organization that focuses less on price and more on the value that vendors can provide. Resulting from over 10 years of real-life experience implementing VMOs, this book introduces the concept of a VMO and the philosophy that cost is not always a factor.

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The book is intended to be much more than conceptual. Concrete and practical tools considered necessary to launch a newly formed VMO are explored in detail. Appendices contain materials that can be easily adapted for use by any VMO.

If you are interested in implementing a VMO or you are interested in vendor management as a career--this book is for you. Additional Product Features Publication Year.

The Vendor Management Office: Unleashing the Power of Strategic Sourcing

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