Forget ROI…Where’s the ROT?

December 6, 2010 at 3:48 pm Leave a comment

Typically when making purchase decisions, buyers calculate a return on investment, or ROI, based on dollars.  If I invest my monetary assets in this product or service, how much more will I earn (or save)? However, as the calendar closes on 2010 and the holidays spin into full force, I am reminded of another valuable asset….time.

In speaking with our clients, many are leveraging the information in their Vendormate VISION system to create ROT, that is, Return On Time.  What would your ROT be if your staff didn’t spend hours hunting for:

·         Tax Identification Numbers (TIN) for 1099 processing,

·         Executive names, email, and contact information, or

·         Accurate Remit To information for AP?

Vendormate VISION records contain lots of data like this that can help with many elements of vendor management.  Because information like this is maintained by the vendor and is often validated by Vendormate, hospitals have confidence that they are getting the right information the first time. Hospitals eliminate time wasted searching for this information through other avenues.

Admittedly, none of these practices is earth shattering.  But employees who are not bogged down in hunting for required data can focus on improving service levels, driving strategic initiatives, or simply being more productive.

Guest post by Chris Luoma, VP of Business Development

Entry filed under: vendor management. Tags: , .

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