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Maintaining accurate vendor records is crucial for the smooth operation and growth of any business. For startups, this task is especially important yet often challenging. Vendor records encompass all the information about the companies and individuals that supply goods or services to your business. Accurate records ensure seamless transactions, timely payments, and a clear understanding of the business relationships.
Startups face several hurdles in managing these records. Limited resources, rapid growth, and a lack of established processes can lead to disorganized vendor information. This disorganization can cause delays in payments, supply chain disruptions, and increased administrative burdens.
If you’re a startup founder, finance manager, or belong to an operations team, this guide will provide practical tips and strategies to effectively manage vendor records, helping startups streamline their operations and focus on growth.
What are vendor records?
Vendor records are detailed documents that contain all essential information about your company's suppliers or service providers. These records typically include the vendor's name, contact details, services or products provided, payment terms, and transaction history.
Why should you maintain vendor records, even after transactions have been completed?
- Keeping precise vendor records helps you monitor your company expenses and manage your budget effectively. It ensures that all payments are tracked, preventing overpayments or missed payments, which can impact the company's financial health. Think of audits or the possibility of a gap in payments. An up-to-date vendor record can help you reconcile any conflict in your financial history.
- If you claim to be noble and compliant with regulations, you need to provide evidence to back up your claims. Accurate vendor records are essential for meeting legal and regulatory requirements. They provide a clear audit trail, making it easier to demonstrate compliance with tax laws, industry standards, and other regulatory requirements.
- Maintaining up-to-date vendor records helps in building and sustaining strong relationships with suppliers. It ensures smooth communication, timely payments, and efficient handling of any issues that may arise, fostering a positive and productive partnership.
Components of Vendor Records
- Contact Information: This includes the vendor's name, address, phone number, email address, and any other relevant contact details. Accurate contact information ensures effective communication and quick resolution of issues.
- Contracts: Copies of contracts or agreements with the vendor should be included. These documents outline the terms and conditions of the relationship, such as the scope of work, pricing, delivery schedules, and any special terms agreed upon.
- Payment Terms: Clearly defined payment terms are crucial. This section should detail the agreed-upon payment schedule, methods of payment, and any discounts or penalties for early or late payments.
- Transaction History: A comprehensive record of all transactions with the vendor, including invoices, purchase orders, and payment receipts. This history helps in tracking spending, verifying payments, and resolving any discrepancies that may arise.
- Tax Information: Including the vendor's tax identification number and any relevant tax documents ensures compliance with tax regulations and simplifies the process during tax filings.
- Performance Records: Documentation of the vendor’s performance, such as delivery times, quality of goods or services, and any issues or disputes. This information is valuable for evaluating the vendor’s reliability and making future procurement decisions.
- Notes and Communications: A log of any significant communications, meetings, or notes related to the vendor. This helps in keeping a detailed history of the relationship and can be useful for reference in case of any future disputes or negotiations.
Setting Up a Vendor Record Management System
- Creating a Structured Process
Having a structured process for managing vendor records guarantees consistency, accuracy, and efficiency. A well-organized system mitigates errors (frankly, sometimes error occurs, but the structure reduces them and helps you fish them out as soon as possible). It also reduces redundant work and maintains up-to-date information
What Key Elements Should You Have in an Effective Vendor Record Management System?
- Centralized Database: Establish a single, centralized database to store all vendor records. This ensures that all information is easily accessible, reducing the risk of data duplication or loss. Digital solutions, such as cloud-based platforms, can offer additional benefits like remote access and automated backups.
- Standardized Templates: Use standardized templates for recording vendor information. This promotes consistency and ensures that all necessary details are captured in a uniform format, making it easier to compare and analyze data.
- Regular Updates: Implement a routine schedule for updating vendor records. This could be quarterly or biannually, depending on the volume of transactions and changes. Regular updates ensure that the information remains current and accurate.
- Security Measures: Protect vendor records with robust security measures. This includes data encryption, secure access controls, and regular security audits. Ensuring the confidentiality and integrity of vendor information is crucial for maintaining trust and complying with data protection regulations.
- Categorization and Tagging: Categorize vendors based on various criteria such as type of goods/services, performance rating, or payment terms. Tagging vendors with relevant keywords can also facilitate quick searches and filtering of records, making the management process more efficient.
- Automated Reminders and Alerts: Set up automated reminders and alerts for important dates and tasks, such as contract renewals, payment due dates, or performance reviews. Automation helps in staying proactive and avoiding missed deadlines or overlooked obligations.
- Audit Trails: Maintain detailed audit trails of all interactions and changes made to vendor records. This provides a clear history of modifications and is essential for transparency, accountability, and compliance during audits.
- Use Tools and Software
The role of technology in business operations can always be emphasized. For managing vendor records; it enhances efficiency by automating tasks and providing real-time updates, ensures accuracy with minimal errors and consistent data quality, and simplifies compliance with accurate record-keeping for audits and regulations. Additionally, it streamlines communication by centralizing vendor interactions, reduces costs through lower administrative expenses and better contract management, and scales with business growth, offering flexibility and accessibility.
Using the right tools and software to manage vendor records can transform the way businesses operate, leading to improved efficiency, accuracy, and overall effectiveness in vendor management.
There are several tools and software (Accounting, CRMs, and ERPs) that can assist in maintaining vendor records, as well as cloud providers that offer a range of services and features tailored to different business needs, from infrastructure and storage to specialized applications and collaborative tools.
- Accounting Software
- QuickBooks: Popular for its ease of use and comprehensive features for tracking expenses, generating invoices, and managing vendor payments.
- Xero: Known for its user-friendly interface and robust reporting capabilities, ideal for small to medium-sized businesses.
- Customer Relationship Management (CRM) Systems
- Salesforce: Offers extensive features to manage vendor interactions, track communication history, and automate workflows.
- HubSpot CRM: Free and easy to use, HubSpot provides tools to manage vendor relationships and integrates seamlessly with other business applications.
- Enterprise Resource Planning (ERP) Systems
- SAP ERP: A powerful tool that integrates various business processes, including vendor management, procurement, and inventory control.
- Oracle ERP Cloud: Provides comprehensive solutions for managing vendor records, streamlining procurement processes, and enhancing financial reporting.
Cloud storage platforms
- Amazon Web Services (AWS): Comprehensive cloud platform offering computing power, storage, databases, machine learning, analytics, and more. It has scalable infrastructure, robust security features, and extensive integration options.
- Microsoft Azure: Cloud services including virtual machines, app services, and databases, as well as AI and analytics solutions. Its features include integration with Microsoft products, strong enterprise support, and a wide range of services.
- Google Cloud Platform (GCP): Cloud computing, storage, and databases, plus machine learning, data analytics, and application development tools. GCP has a high-performance infrastructure, strong analytics capabilities, and integration with Google's ecosystem.
- IBM Cloud: Cloud computing, data storage, AI, and blockchain services, including virtual servers and Kubernetes. Hybrid cloud solutions, advanced AI tools, and enterprise-grade security.
- Oracle Cloud: It offers cloud infrastructure, databases, applications, and analytics solutions, and has high-performance databases, integrated applications, and strong support for enterprise workloads.
- Salesforce: Cloud-based CRM, sales, and marketing solutions. Features include comprehensive CRM tools, robust integration capabilities, and extensive customization options.
- Dropbox Business: A cloud storage and file synchronization services. It allows room for easy file sharing, collaboration tools, and integration with various third-party applications.
- Alibaba Cloud: Cloud computing, data storage, and big data solutions, including AI and machine learning.
- Zoho: Cloud-based business applications, including CRM, project management, and finance.
- Integrate the Team
Designate specific team members to handle various aspects of vendor record management. Clear role definitions help streamline processes, improve accountability, and ensure that all aspects of vendor record management are handled efficiently. This could include data entry, communication with vendors, compliance monitoring, and report generation.
Consider the following roles:
- Vendor Manager: Oversees the entire vendor management process, ensuring that all records are accurate and up-to-date.
- Data Entry Specialist: Responsible for inputting and updating vendor information in the system.
- Compliance Officer: Ensures that all vendor records comply with regulatory requirements and internal policies.
- Communications Coordinator: Manages all interactions with vendors, including inquiries, negotiations, and follow-ups.
- Financial Analyst: Monitors vendor payments, manages invoicing, and generates financial reports related to vendor transactions.
Best Practices for Maintaining Vendor Records
- Centralize Vendor Information: Use a centralized system to store all vendor records, ensuring that information is easily accessible and up-to-date. This prevents data fragmentation and enhances data consistency.
- Regularly Update Records: Schedule routine updates to keep vendor information current. This includes contact details, payment terms, and any changes in vendor status or agreements.
- Implement Data Validation: Use data validation rules to ensure that all entered information meets required standards. This reduces errors and maintains the integrity of the data.
- Automate Data Entry: Leverage automation tools to minimize manual data entry, reducing the risk of human error and speeding up the record-keeping process.
- Conduct Regular Audits: Perform regular audits of vendor records to identify and correct discrepancies, ensuring the accuracy and reliability of the data.
- Ensure Compliance: Maintain compliance with legal and regulatory requirements by keeping detailed and accurate records. This includes tracking vendor contracts, payment histories, and any relevant certifications.
- Secure Data: Implement robust security measures to protect sensitive vendor information. This includes using encryption, access controls, and regular security audits to prevent data breaches.
- Standardize Processes: Develop and enforce standardized processes for collecting, recording, and managing vendor information. This improves efficiency and ensures consistency across the organization.
- Monitor Performance: Track and evaluate vendor performance regularly. Use this data to update records and make informed decisions about vendor relationships.
How to ensure and maintain accuracy
- Use a centralized digital platform to store all vendor interactions and transaction records, ensuring that information is easily accessible and consistently updated.
- Standardize data entry processes to ensure that all information is recorded in a consistent format. This includes using predefined templates and forms for documenting interactions and transactions.
- Use automation tools to record interactions and transactions automatically. For example, CRM systems can log emails and phone calls, while accounting software can track invoices and payments.
- Create detailed templates for recording vendor interactions, including fields for date, time, participants, purpose, key points discussed, and any follow-up actions required.
- Update records in real time to ensure that all information is current. This helps prevent discrepancies and ensures that the most accurate data is always available.
- Attach relevant documents to vendor records, such as contracts, invoices, receipts, and correspondence. This provides a complete picture of each interaction and transaction.
- Encourage team members to add notes and comments to records to capture additional context and details that may not be included in standard templates.
- Conduct regular audits and reviews of vendor records to verify accuracy and completeness. This helps identify and correct any errors or omissions promptly.
- Restrict access to vendor records to authorized personnel only, using role-based access controls to ensure data security and confidentiality.
- Keep a detailed log of all communications with vendors, including emails, phone calls, meetings, and messages. Record the date, time, participants, and key points of each communication.
- Record all financial transactions with vendors systematically, including purchase orders, invoices, payments, and credits. Ensure that each transaction is linked to the corresponding vendor record.
- Regularly back up vendor records and implement a disaster recovery plan to protect against data loss. This ensures that records can be restored in the event of a system failure or other emergencies.
Standardized Templates and Formats
- Develop standardized templates for recording vendor information, including fields for essential details like contact information, payment terms, and contract specifics. This ensures that all records are structured similarly.
- Establish consistent data fields and formats for common information, such as phone numbers, addresses, and dates. For example, use a standard date format (e.g., MM/DD/YYYY) across all records.
- Develop comprehensive guidelines for data entry that outline how to fill out templates, what information is required, and how to handle common scenarios. Ensure all team members are trained to follow these guidelines. Use data validation rules within your system to enforce consistent data entry and prevent errors. For example, restrict field inputs to specific formats or values.
- Use the suggested software tools to automate data entry and record-keeping processes. Automation helps ensure that records are consistently formatted and reduces the risk of human error. Ensure that different systems (e.g., CRM, ERP) are integrated and synchronized, so vendor information is updated consistently across all platforms.
- Regularly review and update templates and formats to accommodate changes in business processes or regulatory requirements. Ensure that all team members use the latest versions.
- Create a style guide that outlines the preferred formats, terminologies, and conventions for recording vendor information. This guide should be accessible to all staff involved in data entry and management.
- Conduct audits to ensure that vendor records adhere to the standardized formats and templates. Address any inconsistencies or deviations promptly. Use reporting tools to identify patterns or discrepancies in vendor data that may indicate inconsistencies in recording practices.
Suggested Standardized Formats and Templates for Vendor Records
- Vendor Information Template
- Vendor ID: [Unique identifier]
- Vendor Name: [Company name]
- Contact Person: [Name]
- Contact Title: [Job title]
- Phone Number
- Official Email Address
- Physical Address
- City
- State/Province
- ZIP/Postal Code
- Country
- Vendor Business Website
- Payment Terms
- Preferred Payment Method [e.g., Bank Transfer, Check]
- Tax ID/Registration Number: [e.g., EIN, VAT]
- Contract Details Template
- Contract ID: [Unique identifier]
- Vendor Name: [Company name]
- Contract Start Date: [MM/DD/YYYY]
- Contract End Date: [MM/DD/YYYY]
- Contract Value:[Currency and amount]
- Description of Goods/Services: [Brief description]
- Renewal Terms: [Details of renewal options]
- Special Conditions: [Any specific conditions]
- Signed By: [Name and title of authorized signatory]
- Date Signed: [MM/DD/YYYY]
- Purchase Order Template
- Purchase Order Number: [Unique identifier]
- Vendor Name: [Company name]
- Order Date: [MM/DD/YYYY]
- Delivery Date: [MM/DD/YYYY]
- Item Description: [Detailed description of items]
- Quantity Ordered: [Number]
- Unit Price: [Currency and amount]
- Total Amount: [Currency and amount]
- Shipping Method: [e.g., Standard, Express]
- Shipping Address: [Address]
- Authorized By: [Name and title]
- Invoice Template
- Invoice Form:
- Invoice Number: [Unique identifier]
- Vendor Name: [Company name]
- Invoice Date: [MM/DD/YYYY]
- Due Date: [MM/DD/YYYY]
- Purchase Order Number: [Reference number]
- Item Description: [Detailed description of items/services]
- Quantity: [Number]
- Unit Price: [Currency and amount]
- Subtotal: [Currency and amount]
- Tax: [Currency and amount, if applicable]
- Total Amount Due: [Currency and amount]
- Payment Instructions: [Bank details, payment methods]
- Communication Log Template
- Date of Transaction/Communication: [MM/DD/YYYY]
- Vendor Name: [Company name]
- Contact Person: [Name]
- Method of Communication: [e.g., Email, Phone]
- Summary of Discussion: [Brief description]
- Action Items: [List of actions required]
- Follow-Up Date: [MM/DD/YYYY, if applicable]
- Notes: [Additional comments]
- Vendor Performance Review Template
- Vendor Name: [Company name]
- Review Date: [MM/DD/YYYY]
- Reviewed By: [Name and title]
Criteria for Review
- Quality of Goods/Services: [Rating/Comments]
- Timeliness: [Rating/Comments]
- Compliance with Terms: [Rating/Comments]
- Customer Service: [Rating/Comments]
- Overall Performance Rating: [Rating/Comments]
- Areas for Improvement: [Details]
- Action Plan: [Steps for improvement]
Implementing Vendor Record Management Procedures
There are a series of vendor record management procedures that you can adopt and follow for your business. Here, we provide tips and best practices for documentation during onboarding, tracking transactions, managing vendor contacts, and effective communication.
- Steps to Collect and Verify Necessary Information During Vendor Onboarding
- Information Gathering
- Collect basic vendor details such as name, address, and contact information.
- Request tax identification numbers, business licenses, and other relevant documentation.
- Verification
- Verify the authenticity of the provided information through government databases and references.
- Ensure compliance with legal and regulatory requirements.
- Approval
- Review and approve the vendor's application after thorough verification.
- Enter the approved vendor information into the vendor management system.
B. Tips for Tracking Transactions and Payments
- Use a standardized format for recording all transactions and payments.
- Maintain digital records to facilitate easy access and updates.
- Record transaction details such as date, amount, and purpose.
- Attach supporting documents like invoices and receipts.
- Conduct periodic audits to ensure the accuracy and completeness of records.
- Reconcile discrepancies promptly to maintain trust and financial integrity.
C. Managing Vendor Contracts
- Create a centralized database to store all vendor contracts. Include key details like start and end dates, contract value, and specific terms.
- Set up reminders for contract renewals and expiration dates.
- Regularly review contract terms to ensure compliance and performance.
- Document any contract amendments and ensure both parties are aware.
- Initiate renewal discussions well before the contract expiration to avoid service interruptions.
D. Strategies for Effective Communication with Vendors Regarding Records and Transactions
- Establish regular communication channels with vendors (e.g., emails, meetings).
- Clearly communicate expectations, procedures, and any changes in policies.
- Keep vendors informed about the status of their transactions and payments.
- Provide a point of contact for queries and concerns.
- Encourage vendors to provide feedback on the record management process, and address any issues or disputes promptly to maintain a positive working relationship.
Addressing Common Challenges in Vendor Record Management
While implementing vendor record management procedures is essential, it is equally important to address common challenges that may arise. One significant challenge is dealing with inaccuracies and discrepancies in vendor records.
Common Issues with Vendor Record Inaccuracies
- Data Entry Errors: Typographical errors, misfiled documents, or incorrectly entered transaction details during data entry can lead to incorrect vendor information.
- Outdated Information: Sometimes, expired contracts or licenses may not be recorded accurately and vendor information may become outdated if changes are not promptly updated.
- Incomplete Records: Missing critical information such as tax identification numbers or contact details, and incomplete transaction records, lacking necessary supporting documents.
Steps to Identify, Correct, and Prevent Discrepancies
- Conduct regular audits of vendor records to identify discrepancies. Review transaction records, contracts, and vendor information for accuracy.
- Perform random spot checks on vendor records to catch errors early.
- Use a checklist to ensure all necessary information is complete and accurate.
- Require a second individual to verify data entries for accuracy.
- Implement a system where changes to critical vendor information must be approved by a supervisor.
- Employ software that can automatically cross-check entered data with existing records.
- Set up alerts for discrepancies such as mismatched invoice amounts or expired documents.
- Equip your staff and provide guidelines on how to properly enter and update vendor information.
- Keep them informed about any changes in procedures or systems.
- Use standardized forms and templates for collecting and recording vendor information.
- Develop and document clear processes for handling discrepancies. Include steps for identifying, reporting, and correcting inaccuracies.
- Maintain open lines of communication with vendors regarding their records and encourage them to promptly inform you of any changes in their information. Provide a system for reporting discrepancies they notice, and be sure to act on their feedback to improve record accuracy and management processes.
Strategies for Managing Large Volumes of Vendor Data
- Data Organization
- Use a centralized database to store all vendor data, ensuring easy access and consistency.
- Categorize vendors based on criteria such as type of service, geographical location, or importance.
- Segment data to make it easier to manage and analyze.
- Data Prioritization
- Determine which vendor data is critical for operations and prioritize its management.
- Focus on regularly updating and maintaining high-priority vendor records to ensure accuracy.
- Automating Processes
- Implement systems that automate data entry from vendor invoices, contracts, and communications.
- Set up automated reminders for contract renewals, license expirations, and other time-sensitive data.
Ensuring Data Security
Vendors trust that their information will be kept secure, and breaches can severely damage these relationships. Therefore, maintaining a strong data security posture not only protects the organization’s reputation but also demonstrates a commitment to privacy and security. Moreover, effective data protection reduces the risk of breaches, which can lead to financial loss and operational disruption.
Additionally, compliance with data protection regulations, such as GDPR and CCPA, is mandatory. Failure to comply can result in hefty fines and legal consequences. Adhering to industry-specific standards and guidelines, organizations ensure lawful and ethical data management. Consequently, secure data management is crucial for protecting intellectual property and sensitive business information from cyber threats.
Best Practices for Data Security and Access Control
- Encrypt sensitive data both during transmission and when stored to prevent unauthorized access.
- Use robust encryption standards like AES-256 to ensure data is well-protected.
- Implement RBAC to ensure that only authorized personnel have access to specific data based on their role within the organization.
- Require MFA for accessing sensitive systems and data to add an extra layer of security.
- Conduct regular internal audits to assess the effectiveness of data security measures and identify potential vulnerabilities.
- Engage third-party security experts to perform comprehensive security assessments and penetration testing.
- Use data masking techniques to obfuscate sensitive information in non-production environments.
- Anonymize data where possible to protect vendor identities and comply with privacy regulations.
- Implement policies for the secure deletion of vendor data that is no longer needed.
- Use physical and electronic methods like shredding and degaussing to ensure data cannot be recovered.
- Conduct regular training sessions for employees on data security best practices and recognizing potential security threats.
- Promote security awareness through regular communications, reminders, and campaigns.
- Develop a comprehensive incident response plan detailing steps to take in the event of a data breach.
- Ensure the incident response team is trained and prepared to act swiftly to mitigate any security incidents.
- Implement continuous monitoring tools to detect and respond to suspicious activities in real time.
- Maintain detailed audit logs of data access and modifications to track unauthorized attempts and ensure accountability.
- Perform regular backups of vendor data to ensure that information can be recovered in the event of a loss or breach.
- Develop and maintain a disaster recovery plan to quickly restore operations and data access following a significant incident.
Benefits of Integrating Vendor Record Management with Accounting and ERP Systems
- Elimination of Redundant Data Entry: Integration reduces the need for duplicate data entry, minimizing errors and inconsistencies. Changes in vendor records are reflected across all systems in real time, hence, it ensures data consistency.
- Enhanced Efficiency: Automation of tasks like invoice processing and payment tracking leads to increased operational efficiency. Reduced manual data entry and reconciliation allow staff to focus on more strategic tasks.
- Better Financial Management: Integration provides a holistic view of vendor transactions, enabling better financial planning and analysis. Timely and accurate payment processing improves cash flow and financial stability.
- Increased Compliance and Control: Integrated systems provide detailed audit trails, making it easier to track changes and ensure compliance with regulations. Centralized data management enhances control over vendor information and financial transactions.
- Data-Driven Insights: Access to integrated data allows for better analysis and informed decision-making. Use of predictive analytics to forecast trends and make proactive business decisions.
How to Ensure Seamless Data Flow Between Systems
- System Compatibility: Ensure that the vendor management system, accounting software, and ERP systems are compatible and can integrate seamlessly.
- API Integration: Use APIs to facilitate data exchange between different systems.
- Consistent Data Formats: Standardize data formats and fields across systems to ensure consistency.
- Mapping Data Fields: Map data fields accurately to ensure that information is correctly transferred between systems.
- Scheduled Updates: Set up regular synchronization schedules to keep data up-to-date across all systems. Also, implement real-time data synchronization for critical data to ensure immediate updates.
- Data Validation Rules: Implement data validation rules to ensure data integrity during transfer. Develop mechanisms to detect, report, and correct errors during data exchange.
- Secure Data Transfer: Use encryption and secure protocols for data transfer between systems. Implement robust access controls to ensure that only authorized personnel can access and transfer data.
Advantages of Automation in Vendor Record Management
Automation in vendor record management significantly enhances efficiency by reducing the time spent on manual data entry, processing, and record-keeping, which allows staff to focus on higher-value tasks. It streamlines processes by ensuring consistent and efficient handling of vendor records and transactions, and it enhances accuracy by minimizing human error and ensuring consistent data capture, processing, and storage. Additionally, automation improves compliance by maintaining regulatory adherence through timely and accurate record keeping, and it provides detailed audit trails for easier tracking and verification of data handling processes. This leads to cost savings by decreasing the need for manual labour and optimizing resource utilization. Moreover, automation improves data management by providing real-time updates and centralized data management, ensuring that vendor information is always current and easily accessible for analysis.
Examples of Tasks That Can Be Automated
- Invoice Processing: Automate the entry of invoice details into the vendor management and accounting systems.
- Vendor Information Updates: Automatically update vendor records with new information received from vendors.
- Payment Reminders: Set up automated reminders for upcoming payment due dates to ensure timely payments.
- Contract Renewals: Automate reminders for contract renewals and expiration dates to prevent lapses in agreements.
- Automated Transaction Logs: Automatically record transactions with vendors, including payment details and dates.
- Expense Tracking: Track expenses related to vendor transactions and update financial records accordingly.
Conclusion
In summary, here’s a brief recap of major vendor record management tips discussed:
- Accurate Vendor Records: Essential for smooth transactions, timely payments, and strong vendor relationships.
- Adopt Best Practices: Implement organized processes, conduct regular audits, and ensure timely updates.
- Minimize Disruptions: Reduce administrative burdens and maintain a clear understanding of vendor relationships.
- Leverage Technology: Use software solutions for data entry, record keeping, and communication.
- Enhance Efficiency: Combine technology with well-defined processes for reliable, up-to-date records.
- Integrate Systems: Link vendor records with accounting and ERP systems for better efficiency and decision-making.
- Careful Planning Needed: Ensure seamless data flow with robust technology and ongoing support for effective vendor management.
Overall, promptness of record-keeping should underlie all other practices. Make and communicate updates and changes at every new development, and even with technology in place, ensure you conduct a manual review occasionally.
