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Last Thursday, VENDOR iQ joined the PIMFA Operations Forum with their presentation, “From Data to Decisions: Empowering Boardrooms with Actionable Insights.” Wayne Green and Kenn Taylor of VENDOR iQ shared their experiences and insights on managing complex supply chains and using data to make better business decisions.

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.

With regulators like the Financial Conduct Authority (FCA) focusing more on operational resilience and third-party management, the pressure is on. Wayne Green noted that as firms go digital, managing the supply chain effectively becomes even more critical. He stressed that it’s not just a regulatory issue but a commercial one too. Firms need to stay ahead of the game to avoid risks and meet regulatory expectations​​​​.

Wayne Green then explained how VENDOR iQ takes the vast amounts of data available to firms and turns it into something useful. Instead of being overwhelmed by data, VENDOR iQ refines and links data points to provide meaningful insights. This helps firms make quick, informed decisions backed by solid evidence.

Green shared a graphic showing how data moves from raw information to insights that boardrooms can use. By refining and linking data, VENDOR iQ helps firms understand and manage risks more effectively. This isn’t just about avoiding problems but also about finding new opportunities and staying competitive​​​​.

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.

VENDOR iQ’s presentation at the PIMFA Operations Forum highlighted the importance of managing supply chain complexities and using data effectively. As firms face increasing regulatory scrutiny and move towards digital services, having a robust system to monitor and manage third-party risks is crucial. VENDOR iQ offers a powerful tool for firms looking to enhance their operational resilience and make smarter decisions.

For more information on how VENDOR iQ can help your firm, visit our website or contact us through PIMFA.

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