The Vendor Advantage
The Vendor Advantage System® model is a visual illustration of how Maple Street helps our clients reduce expenses, improve vendor performance and manage risk. The five key components of Maple Street’s complete, comprehensive vendor management system applies to credit unions and community banks alike, whether large or small. Maple Street is with you for the long haul, making sure you have the support you need to thrive, now and in the future.
The 5 key components of a
revolutionary vendor management system
Strategic vendor planning
– Aligning vendor products and services to match strategic and operational goals
– Evaluating vendor performance: Is your vendor delivering the results you want?
– Defining the new products and services you need
Tactical vendor planning
– Decisions about what vendors you will keep, ones you won’t and which need fixing
– Timing of negotiations, changes required, and resources needed
– Expense reduction and negotiation plan
Choose the right vendor
– Clarity of what you need—in terms of results you expect
– Clarity of what the vendor does, and does not provide and how that affects you and the results you expect
– Understanding the vendor: the vendor’s business model, its strengths + weaknesses,
other users’ experience, security controls and risk, financial strength
– Define and choose vendors based on the results the vendor can deliver
– Define how results will be measured and scorecarded
– Define performance standards
– Get the best price and terms
– Negotiate a fair, risk-balanced contract
Measure + monitor
– Use a process to measure and scorecard vendor performance and results
– Make sure your vendors are protecting you and your members/customers
– Make sure you get what you were promised at the agreed cost
“The beauty of the Vendor Advantage System® is you can enter the system at any point, depending on your immediate needs. Then you can rely on the Maple Street team to get you to the results you want.”
— Mike Crofts, President
Maple Street Incorporated
Find out what parts of a complete
vendor management system you’re missing.
Take the vendor management program checkup.