9AUGUST 2025the organization has blind spots, and your first homework is building this inventory. If you're running around in circles looking for information, make friends with the Finance/Payables department.Tips # 3 ­ Surround yourself with the right people and build a structured and formal process.I'd say one must accept that it's impossible to do this job alone, and you will need a complementary team as well as good collaborators inside and outside the organisation who will want to build a functional process and operate with formal roles and responsibilities. If you're not able to put together a team and collaborators who understand the organization collectively and want real debates and discussions with the aim of getting things right and putting the interests of the organization ahead of personal interests, you'll be reducing your chances of success.Talking about models, there are several which usually include the following steps: · Selection· Due Diligence· Negotiation· Recommendation The harsh reality is that a third party can bring you down to the same level as a problem with key clients and/or employees· Execution · MonitoringI won't elaborate on the kinds of models, but I would say to be careful and make sure you adapt it to the reality and size of the organization. I think it's good to know there are often excellent salespeople and firms who will try to sell you a supermodel «out of the box». I'd say start by identifying your needs and then going for a request for a proposal to find the right one and, at the same time, leverage for negotiating.Tips # 4 -Take a step backAfter a few months in operations, living with your processes, take a step back and, if possible, ask for an external opinion from someone with experience. I recommend someone who has experienced your situation and lived through the myriad of challenges with third parties. An objective and external view will enable you to adapt elements that you may not have considered, and the devil is in the details of our profession.Last Tips ­ Be ready to embrace the best and the worst.People who know me know that I love meeting and getting to know people, building relationships, and creating win-win opportunities for all parties involved. However, I will never recommend a new third party unless they provide evidence and they don't want to open the hood after the sales pitch. Finishing with the reality of our profession, which requires backbone. Nothing has changed since the days when I delivered newspapers or at the special account. Even if you can mitigate most risks, you're never safe from a third party who has thrown you in the deep end, and you will need to swim, or you will sink. If this happens, remember that a smooth sea never makes a skilled sailor, and it's your responsibility to take the necessary steps to protect the organization and ensure that the other third parties honour their commitments.
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