Data: Changing the Game for Boardrooms

From Data to Decisions: How VENDOR iQ is Changing the Game for Boardrooms

At the recent PIMFA Operations Forum, VENDOR iQ delivered a compelling presentation titled “From Data to Decisions: Empowering Boardrooms with Actionable Insights.” Wayne Green and Kenn Taylor of VENDOR iQ shared their expertise on overcoming complex supply chain challenges and transforming raw data into strategic decisions that drive better business outcomes.

Wayne Green started by sharing a story that many in the meeting could relate to. He talked about a firm with over 200 suppliers just in its technology stack. Imagine trying to keep track of all those! It’s no surprise that managing such a vast network can be overwhelming. Green pointed out that each firm needs to decide which suppliers are most critical to their operations based on their unique needs.

Kenn Taylor followed by discussing the various risks that come with supply chain management. From financial failures to cyber threats, there are many things to watch out for. Taylor highlighted that firms need to keep an eye on mergers and acquisitions, especially if a key supplier is bought by a competitor. He also mentioned the recent NHS breach, which wasn’t due to the NHS itself but one of its suppliers, showing how third-party issues can have major impacts.

As regulatory bodies such as the Financial Conduct Authority (FCA) increase their focus on operational resilience and third-party management, firms are under growing pressure to improve their supply chain oversight. Green noted that with digitalisation becoming more prevalent, managing these complexities is not just a regulatory requirement but a business necessity. Staying ahead of these issues is key to maintaining both compliance and competitive advantage.

One of the key themes of the presentation was how VENDOR iQ transforms overwhelming amounts of raw data into actionable insights. Green explained that instead of drowning in data, firms can use VENDOR iQ’s platform to filter and refine information, enabling fast, evidence-based decision-making.

A visual presentation demonstrated the journey from raw data to meaningful insights, with VENDOR iQ connecting disparate data points to help firms manage risks more effectively. Green highlighted that this isn’t just about identifying risks but also uncovering new opportunities that can keep businesses competitive and resilient.

To wrap up, Green gave practical examples of how VENDOR iQ’s system can flag potential risks, like liquidity issues or high turnover of senior staff in supplier firms. He emphasised that VENDOR iQ’s solution is easy to use, delivered through a web browser, and doesn’t require integration with a firm’s existing technology stack​​​​.

In a Q&A session, both Green and Taylor stressed the importance of data-driven decision-making for operational resilience. They encouraged firms to explore how VENDOR iQ’s solution can help them stay ahead of risks and make better business decisions.

The presentation at the PIMFA Operations Forum underscored the growing importance of managing supply chain risks in a digital, regulated world. As firms face increasing regulatory scrutiny and complexity in their supplier relationships, having the right tools to monitor, assess, and manage risks is crucial. VENDOR iQ offers a robust, data-driven solution for firms looking to enhance their operational resilience and make smarter decisions.

For more information on how VENDOR iQ can support your firm’s resilience efforts, schedule a demo or contact us via PIMFA.