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What do you do if remote work is affecting your vendor relations positively?

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Remote work has transformed the traditional business landscape, offering a unique set of advantages and challenges. When it comes to vendor relations, the shift to remote work can have a surprisingly positive impact. You might find that without the constraints of location, you have access to a broader range of vendors or that virtual meetings are more efficient. But how do you maintain and enhance these positive changes? This article explores actionable strategies to ensure that your vendor relationships continue to thrive in a remote work environment.

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1 Embrace Tech

Embracing technology is crucial in capitalizing on the positive effects of remote work on vendor relations. Utilize video conferencing tools to maintain face-to-face interaction, ensuring personal connections aren't lost. Implement collaboration software to share documents and project updates in real time, keeping everyone on the same page. By fully integrating these technologies into your vendor management processes, you foster a dynamic and responsive relationship that can adapt to the needs of both parties, regardless of physical location.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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1. Understand Your Threat Exposure 2. Have a Policy in place 3. Enforce those policies by using Remote Access Servers 4 . Audit Your 3rd Party Vendors 5. Require Multifactor Authentication 6. Reduce Your Attack Surface 7. Apply the Principle of Least Privilege to Vendor Access and Entitlements 8. Centralize and Control the Identity Access Lifecycle of 3rd Party Partners 9. Purge Anonymous Accounts and Shared Passwords 10. Capture All Activity and Regularly Monitor Audit Logs

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2 Streamline Processes

With the shift to remote work, now is the perfect time to streamline your vendor management processes. Evaluate your current workflows and identify any bottlenecks that could be eliminated or automated. Simplifying communication channels and standardizing order and payment systems can significantly improve efficiency. This not only enhances your relationship with vendors by reducing friction but also allows for scaling operations without a corresponding increase in complexity or resource allocation.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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1. Communicate Clear Expectations to Vendors Early and Often Collections & recovery vendors should understand exactly what their creditor-clients expect from them from the onset of the relationship. Collections & recovery executives should work with their vendors to create those 2. Your Collections and Recovery Vendors Have Expertise - Use It It’s critical that collections & recovery executives treat their vendor partners 3. Expand the Conversation, Connect the Experts An ongoing collections & recovery vendor relationship 4. Get Back to On-Site Audits But after more than two years of a global pandemic and a major shift to remote work, many companies have fallen out of the habit.

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3 Build Trust

In a remote work environment, building trust with your vendors becomes even more important. Trust is fostered through consistent and clear communication, honoring commitments, and being transparent about your business needs and expectations. Regular check-ins and updates can go a long way in establishing a strong rapport. Show appreciation for their work and be open to feedback, which demonstrates that you value the partnership and are invested in its success.

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Malarvizhi Natarajan

Office Administration Specialist | Expert in Organizational Efficiency & Executive Support
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1. Intentional communication. Easily, one of the biggest challenges remote workers face is remembering to keep in touch! 2. Write well. 3. Know when the written word won't cut it. 4. Switch to video. 5. Don't be all business. 6. Meet IRL.

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4 Foster Flexibility

Flexibility is a key component of successful remote vendor relations. Be open to adjusting processes and communication styles to better fit your vendors' needs and time zones. This might mean being available for calls outside of traditional hours or using asynchronous communication methods when immediate responses aren't necessary. Flexibility shows respect for your vendors' operations and can lead to more accommodating negotiations and problem-solving.

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Helen Gadsby

Regional Business Manager at Royal Canadian Mortgage
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You can schedule a visit and then continue to work remotely do a face to face so get the comfort...................................................................................................................................................................................................

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5 Monitor Performance

Even as you enjoy the positive aspects of remote work on your vendor relations, it's essential to monitor performance closely. Set clear metrics for success and regularly review vendor performance against these standards. Use virtual meetings to discuss any issues or areas for improvement. By keeping a close eye on performance, you ensure that the quality of service or products you receive remains high, and any potential issues are addressed promptly.

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6 Plan Ahead

Lastly, use the advantages of remote work to plan for the future with your vendors. Anticipate market changes and discuss how both parties can adapt to continue the partnership successfully. Engage in strategic planning sessions via video calls or shared digital workspaces. By planning ahead, you not only secure your supply chain but also reinforce the importance of the relationship with your vendor, ensuring long-term collaboration.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if remote work is affecting your vendor relations positively?

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1 Embrace Tech

2 Streamline Processes

3 Build Trust

4 Foster Flexibility

5 Monitor Performance

6 Plan Ahead

7 Here’s what else to consider

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