New Year Resolutions to Improve Vendor Management in Higher Education- PaymentWorks

by Ashley Poynter

Content Manager

New Year Resolutions to Improve Vendor Management in Higher Education

A new year brings new opportunities to do better, and let’s be honest—vendor management in higher education institutions could probably use some love. These institutions face unique challenges when it comes to managing vendors: endless compliance requirements, fraud risks that seem to evolve overnight, and the not-so-small task of keeping everything organized while staying sane.

Sound familiar? If so, you’re not alone—and the good news is you don’t have to tackle it all at once. Start with some simple (yet powerful) resolutions that can make 2024 your most efficient, secure, and stress-free year yet.

Let’s dive into our list of New Year’s Resolutions for Vendor Management Professionals in Higher Education. (Bonus points if you stick to them longer than your gym membership!)

The Nuances of Vendor Management in Higher Education

Nine Ways to Improve Vendor Management in Higher Education

— 1. Stick to the Process—No Exceptions

— 2. Check Sanctions Lists Without Fail

— 3. Don’t Fall for Vendor Impersonation Scams

— 4. Keep Vendor Records Organized—Even the Ones You Don’t Use

— 5. Triple-Check Payment Details—Every Time

— 6. Use Automation to Work Smarter

— 7. Establish and Enforce Clear Compliance Policies

— 8. Stay Ahead of Fraud with Regular Training

— 9. Take a Real Lunch Break (Yes, Really!)

Building a Better Vendor Management Process in Higher Education

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The Nuances of Vendor Management in Higher Education

Vendor management in higher education isn’t quite like vendor management in other industries. It’s not just about buying goods and services—it’s about balancing compliance, cost-effectiveness, and institutional values, often while juggling input from multiple (um, thousands of?) stakeholders. And let’s not forget the sheer scale of operations: universities and colleges often work with hundreds, if not thousands, of vendors across a wide range of categories, from IT services and lab equipment to catering and custodial supplies.

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Then there’s the decentralization factor. Different departments often have their own budgets and purchasing authority, which can lead to duplicate vendors, fragmented processes, and inconsistent oversight. One department might onboard a vendor properly while another skips steps in a rush to meet a deadline. The result? Duplicates, compliance risks, and the occasional (or frequent) fraud attempt slip through the cracks.

Higher education also faces unique regulatory and reputational challenges. Complying with federal regulations like OFAC sanctions lists or IRS tax requirements is non-negotiable, but these rules are only part of the equation. Institutions must also uphold ethical standards and maintain the public’s trust, which means transparency and accountability are critical in every transaction.

Finally, there’s the human element: higher education institutions are often targeted by scammers precisely because of the complexity of their processes. Fraudsters know that large organizations with multiple departments can have gaps in communication and oversight, making them ripe for phishing schemes, vendor impersonation scams, and fraudulent payment requests.

It’s no wonder vendor management in higher ed can feel overwhelming. But by addressing these challenges head-on—and adopting some intentional resolutions—you can turn your vendor management process into a streamlined, secure, and surprisingly manageable part of your institution’s operations.

So, without further ado, let’s get into some new years resolutions that will help you improve your vendor management in higher education this year!

Nine Ways to Improve Vendor Management in Higher Education

1. Stick to the process—no exceptions

“I will not break the onboarding process for anyone, no matter how urgently they say they need it.”

We get it. Sometimes people come to you with a “super urgent” request to onboard a vendor by, like, yesterday. Their pitch sounds reasonable: “This is an emergency!” or “It’s just a small exception!” Remember this: breaking the process “just this once” makes it easier to justify breaking it again.

Your onboarding process exists to protect your institution from fraud, compliance issues, and all the headaches that come from cutting corners. Sure, sticking to the rules might frustrate that one department rushing to get their project done, but they’ll thank you later when everything is secure and runs smoothly.Pro Tip ✅: Start the year by setting expectations. Communicate the process timeline to all stakeholders and make it clear: no process, no vendor. Use our handy Document the Exceptions logbook to keep track of times you’re asked to break the process.

2. Check sanctions lists without fail

“I will check the sanctions list for every vendor change, even if it’s 4:59 PM on a Friday.”

Is there anything worse than finding out your institution worked with a vendor that ended up on a sanctions list? Well, yes—finding out after you’ve already paid them. Skipping this step, even when you’re tired or rushed, is a gamble your institution can’t afford.

Regulatory compliance isn’t optional, and sanctions lists change all the time. It’s better to take the extra minute to check than to deal with the fallout of a missed flag.

Here’s the deal: Make it a habit. Whether you automate the process or manually verify, checking sanctions lists is non-negotiable. Think of it as your institution’s seatbelt—it only takes a second, but it can save you a world of hurt. And its another thing you can do to streamline vendor management in your higher education institution.

3. Don’t fall for vendor impersonation scams

“I will not fall for vendor impersonation scams, no matter how convincing the email looks.”

Scammers are getting really good at their jobs. That email from “your vendor” asking for urgent payment to a new bank account? It looks legit. Too legit. But trust us: pause before you act.

Vendor impersonation scams prey on busy, overworked teams, and they succeed because they exploit gaps in communication and verification. Your resolution here? Trust, but verify. Always.

Practical Tips ✅:

Hover over email addresses to check for typos or inconsistencies.
Call the vendor directly using a number you have on file (not the one in the email).
Train your team to spot red flags like urgent payment demands or suspicious changes.

Remember: scammers thrive on rushed decisions. Slow down, double-check, and you’ll outsmart them every time.

4. Keep vendor records organized

“I will keep all vendor records up-to-date and organized (yes, even Vendor #3567, which we haven’t used since 2018).”

Cleaning up your vendor database probably isn’t your idea of a good time. But let’s face it: those outdated, duplicate, or incomplete records are ticking time bombs. The longer you let them sit, the harder they’ll be to deal with when you actually need them. We get it—vendor management in higher education can be…messy.

Think of this resolution as a Marie Kondo moment for your vendor list. Sure, Vendor #3567 hasn’t sparked joy since 2018, but keeping their information accurate and up to date ensures you won’t run into surprises later.

Why It’s Worth It:

Prevents duplicate entries that can lead to errors.
Makes audits faster and less painful.
Helps future-you breathe a sigh of relief when you need to reference an old vendor.

Pro tip ✅: Set aside some time each quarter to review and clean up your records. Your future self will thank you.

5. Triple-check payment details—every time

“I will not approve invoices without triple-checking payment details—even if the vendor swears they’ve changed their bank account.”

If vendor fraud were a game, “bank account changes” would be the all-star play. Fraudsters know how to make these changes look legitimate, and even genuine vendors occasionally make errors. That’s why every change in payment details should trigger your spidey-senses.

Make it your mantra: “Trust is good, verification is better.” Use your process to validate every update before any payments are made.

Steps to Success:

Require formal verification from vendors for all banking updates.
Use automation tools to flag suspicious changes.
Keep an auditable trail of every payment decision.

Pro tip ✅: It’s better to spend a few extra minutes double- (and triple-) checking than to deal with the fallout of misplaced payments.

6. Use automation to work smarter

“I will use automation tools to reduce manual errors and free up time for strategy (and maybe a coffee break).”

Manual processes are so last decade. If you’re still entering data by hand or chasing down approvals through email threads, you’re wasting time and energy that could be better spent elsewhere. Just listen to Hannah Kanouff, Vendor Management Coordinator for the Office of Central Procurement at Penn State University, speak to the woes of manual verification:

Automation tools streamline workflows, reduce human error, and free you up for the tasks that actually require your brainpower (or, you know, a well-deserved coffee break).

What Automation Can Do:

Handle repetitive tasks like compliance checks or data entry.
Flag potential risks, like duplicate vendors or unusual banking changes.
Provide analytics to help you refine your processes over time.

Make 2024 the year of smarter workflows. Less busywork, more strategic thinking.

7. Establish and enforce clear compliance policies

“I will establish (and enforce!) clear vendor compliance policies and ensure everyone on my team understands them.”

Compliance policies are only as good as their enforcement. If your team isn’t on the same page—or worse, if your vendors don’t know what’s expected of them—you’re inviting confusion, noncompliance, and potential legal issues.

How to Make It Happen:

Document all policies clearly and make them accessible to both internal teams and vendors.
Schedule regular training sessions to ensure everyone understands the rules.
Create consequences for noncompliance (and stick to them).

Clarity is key. When everyone knows the expectations, you’ll have fewer “I didn’t know I couldn’t do that” moments.

Pro tip ✅: Use our Vendor Onboarding Compliance Checklist to cover all your bases.

8. Stay ahead of fraud with regular training

“I will schedule regular training sessions to stay ahead of evolving vendor fraud tactics.”

Fraud tactics are constantly evolving, which means your defenses need to evolve too. Hannah Kanouff is back to talk about how robust fraud and security teams can go a long way…but things can still sneak through:

Regular training keeps you and your team sharp, prepared, and ready to handle whatever the bad actors throw your way.

Topics to Cover:

Spotting phishing attempts and vendor impersonation scams.
Best practices for verifying banking and payment details.
Updates on the latest fraud trends and how to counter them.

Knowledge is your best weapon. Make training a regular part of your calendar—it’s worth every minute.

9. Take a real lunch break (yes, really!)

“I will take at least one actual lunch break per week instead of eating at my desk while reviewing vendor forms.”

This one’s for you. Vendor management is demanding, and it’s easy to let your own well-being slide. But taking care of yourself isn’t just good for you—it’s good for your work. A clear, rested mind makes better decisions, handles stress more effectively, and gets more done.

The Science of Breaks:

Boosts focus and productivity.
Reduces burnout and fatigue.
Gives you a chance to reset and recharge.

So, step away from your desk. Grab a real lunch. Maybe even take a walk. You deserve it.

Building a Better Vendor Management Process in Higher Education

Improving vendor management in higher education doesn’t happen overnight, but it also doesn’t require a complete overhaul. By focusing on a few well-chosen resolutions, you can tackle some of the most persistent challenges in this area—like compliance, fraud prevention, and process inefficiencies—without feeling overwhelmed.

You’ll set yourself—and your institution—up for a more secure, efficient, and organized year. Vendor management might not be glamorous, but it’s absolutely essential. Here’s to a 2024 filled with smarter workflows, fewer headaches, and maybe even a few more lunch breaks. You’ve got this!

Get Ready For Vendor Management Appreciation 2025

Yes, we just celebrated our second annual Vendor Management Appreciation Day (VMAD) and YES! The celebration will continue in 2025. Will you join us?

Why? Because there’s no expiration date on honoring one of the most important, under-recognized roles across industries: vendor management.

Join us in observing Vendor Management Appreciation Day (VMAD)! We’re gearing up for the 2025 celebration, and we want you to be a part of it!

VMAD is a new holiday geared toward unifying vendor management professionals and celebrating innovation in the field.

Moreover, we’ve released gifts each month to help you supercharge your vendor management efforts. Additionally, we’re planning some awesome events so everyone can connect and celebrate the important, strategic role of vendor management.

In the meantime, learn more here, and grab some free vendor management goodies.