Thayer has 35 years in B2B payments, starting at American Express, where he invented and then launched the first purchasing card, aka the P-Card, currently running at a trillion dollar annual payment volume. His next stop was Employee Matters, where the focus on payroll operations led to a key insight which was formative in PaymentWorks: with money movement you do not need to take control of funds. Finally with his time at OB10, his exposure to invoicing processing and invoice approval led to the epiphany that was the final key to the foundation of PaymentWorks: the vendor master is the vehicle to achieve payment security. He founded PaymentWorks in 2014 with CTO Alan Greenblatt. Thayer holds a BA from Princeton University.
Agenda Day 2
9:45 AM Vendor Data: The Cost Organizations Aren’t Counting
You know how much you pay vendors. Do you know what it costs to keep all their records accurate?
Most organizations don't.
In a new Hackett Group study, 55% of organizations said they do not track vendor onboarding and maintenance costs or are unsure what those costs are. Nearly half process at least 5,000 supplier data changes a year. That work eats staff time. It impacts payments, supplier support, and risk, yet its full cost rarely appears in one place.
This study puts a number on it. We will reveal what it costs to maintain a vendor record when you join Annie Cody-Nesser of The Hackett Group and Thayer Stewart, CEO of PaymentWorks, for a discussion that will put vendor data where it belongs: on the agenda of CFOs, CPOs, and treasurers.
Key takeaways:
- Uncover the work driving the costs. Learn what the research reveals about change volume, manual effort, and the costs organizations often fail to track.
- Put a number on your own process. Leave with a framework for estimating your annual vendor onboarding and maintenance costs.
- Build a case you can act on. Connect the cost of vendor data work to payment delays, rework, supplier inquiries, and risk, then use that evidence to set priorities.
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