Digital Payments News

PaymentWorks Announces Inaugural Vendor Management Appreciation Day

PaymentWorks Announces Inaugural Vendor Management Appreciation Day

December 12, 2023 to Honor Vendor Management Professionals

PaymentWorks, the digital supplier onboarding platform for secure, compliant and optimized business payments, announced the establishment of Vendor Management Appreciation Day on December 12, 2023.
This holiday, coined by PaymentWorks, aims to celebrate and elevate the indispensable contributions of vendor management staff across all organization types and sectors.

While not officially recognized by a governing body, Vendor Management Appreciation Day will serve as a well-deserved occasion to honor the hard work and dedication of vendor management teams. These professionals often find themselves in challenging positions, facing heavy workloads, little investment in tools and a lack of recognition for the business impact of their vital role.

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The workload follows staff members home and even on vacation, leaving them with an ever-growing to-do list. Moreover, vendor teams shoulder the immense responsibility of safeguarding their organizations against business payments fraud, which accounted for $10.3 billion in victim losses in 2022, up from $6.9 billion in 2021, according to the 2022 FBI Internet Crime Report.

The Goals of the New Holiday

Vendor Management Appreciation Day is an opportunity to bring attention to the overwhelming expectations faced by vendor management teams and recognize the vital importance of their work. It is crucial to provide concrete solutions that enable these teams to work efficiently, excel in their professional lives, and positively impact their organization’s success.

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The celebration of Vendor Management Appreciation Day extends beyond a single day. It is a six-month-long event designed to help organizations enhance the efficiency, compliance, and profitability of their vendor management strategies. Throughout the celebration, participants can expect the following:

  • Free vendor management resources: Every month, participants will receive a valuable resource designed to help them audit their current processes, implement realistic changes, measure their results, and ensure long-term success in vendor management. Summer resources include: Write it Down: a Template for Documenting Procedures for Supplier Onboarding and Change Management
  • Information-packed interviews: Interviews with industry experts, covering topics such as protecting against payments fraud, advocating for support for the vendor desk, and transforming the vendor desk into a profit center.
  • Surprises and delights: As this is the inaugural celebration of Vendor Management Appreciation Day, participants can anticipate exciting surprises, including swag, awards, social media shoutouts, and more.

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