With more than 700 vendors to manage, National Bank of Commerce, a $550 million asset bank with both commercial and retail line of businesses in northeastern Minnesota and northwestern Wisconsin, knew it needed to improve vendor management.
Since the bank had always handled vendor management at the department level, it didn’t have insight into which vendors posed the most risk to the bank, recalls Troy Lambert, assistant vice president, eServices Director. In addition, about three years ago, National Bank of Commerce saw a “regulatory tidal wave” barreling toward the bank, says Troy.
To combat these challenges, the bank formed a vendor management committee and named Troy as chair. One of Troy’s first steps was to replace the departmental Excel spreadsheets used to track vendors with an enterprise-wide solution that consolidated vendor management into a single location.