Vendor Management Software
Proactively manage your vendor risks and contract compliance management process
What is Vendor Management?
It is the process of developing, managing and controlling relationships and agreement with multiple third-party vendors and contractors to control costs, minimize third-party risk exposure and drive service excellence. Organizations need to ensure that the products and services provided by the third-party vendors are safe and comply with applicable laws, regulations and standards.
- Most organizations are increasingly using multiple third-party vendors and contractors to expand the product portfolio and improve customer experiences. However, managing relationships and agreements with multiple third-party vendors and contractors can get very complex very quickly. In some cases, regulations are in place that require due diligence to minimize third-party risk exposure.
- The increased regulations on organizations has significantly increased requirements for the management of third party compliance. Ensuring that the products and services provided by third-party service providers are safe and comply with applicable laws, regulations and standards is the responsibility of every organization’s senior management and Board.
- Meet the increasing audit and regulatory requirements in managing your critical vendors through automation. Predict360 Vendor Management Software gives you the ability to centralize vendor management process – all your suppliers, procurements, contracts and reviews in one place. Track and monitor your contracts and other vendor documents. You can also assign access rights and roles to different users in the system depending on their respective responsibility.
- The best way to manage vendors is with vendor management software. Organizations can document their agreements and track their billing processes and order distribution. It also provides the ability to manage risk and analyze the effects of vendor relationships on the organization’s risk index.
- Organizations can benefit with the services provided by third party vendors and contractors while managing the risks posed by these vendors efficiently and effectively.
- Organizations no longer have to rely on spreadsheets and word processing tools as these prove inefficient in meeting the stringent requirements of the auditors.
- Streamlines your vendor risk assessment which includes surveys for audit-based risk management that helps assess risks in all regulatory compliance functional areas such as financial, operational, IT, brand, competency, internal audit, quality management, regulatory compliance and reputation with the ability to execute corrective and preventative actions directly from the results.
- Our Vendor Management Software enables you to efficiently manage vendor risks and contracts and prevents it from oversight through a complete vendor management process.
A simple 4 step approach to managing vendors
Managing vendors is never easy. Expectations on both sides are almost always never the same, and over a period of time, the chasm is so wide and deep that it becomes difficult to move on. The changes in personnel and the regulatory changes have made it mandatory for every company to take an active interest in their vendors’ level of compliance with regulations and standards in their industry. Within the company vendor management is a cost center and tracking compliance of the vendors adds another cost element to it. Here is a 4 step recipe to combat the cost, and increase productivity.
Step 1: Classic Best Practices: Trim the number of vendors; set up a vendor rotation scheme (every 3 years or so), hire good negotiators, specify payment terms, do the 80/20 analysis of the goods and services obtained and so on.
Step 2: Analyze the business processes for ensuring vendor compliance. Determine which of these can be automated.
Step 3: Install Predict360 and configure it for Vendor Compliance management. Integrate with current Purchasing Department tools and any Enterprise Resource Planning (ERP) system.
Step 4: Track vendor compliance from the Predict360 dashboard. Take action from the Predict360 application in terms of creating tasks, filing vendor compliance reports.