Benefits of 3rd Party Expertise and Neutrality in a Vendor Management Solution

image

Benefits of 3rd Party Expertise and Neutrality in a Vendor Management Solution

How does neutrality improve my vendor rates?

Vendor neutrality removes bias, prejudice and places transparency across an organization

3rd party expertise can greatly enhance a companies: vendor product and service knowledge, expose risk based terminology, improve vendor process standardization & contract negotiations standards…while reducing risk.

3rd Party Expertise enables clients to leverage Cost

What type of 3rd parties are best for managing my vendors?

Vendor-neutral is an approach that represents without bias or favor to any side, the positions of individuals, partnerships, corporations, or any other activity, which sells product or services. It is not biased in favor of using more or less of one factor or product source than another. Vendor neutrality can be of concern, especially in the enterprise where there is a need for systems to integrate with new hardware and software as technology evolves. The presumed advantage of choosing a vendor-neutral model is that the best technology can be used at any time.

Although VMS technologies eliminates vast amounts of paperwork and manual processing, there are still challenges with managing the complex multi-party relationships, and organizing the internal change-management needs to achieve sustainable performance objectives. The objective visibility afforded by a neutral provider enables clients to leverage and eliminate the often substantial price difference between suppliers providing the same services.

For most large corporations, third parties constitute 35-65% of the total operating costs. Today, most firms have internal procurement departments who have negotiated competitive rates for every category accessible to them. However, with the increase in volumes/variety/complexity of purchases, digitization, availability of new technology, scale of vendor agreements, globalization of business needs, convergence of categories, and regulatory risk management requirements, experts in 3rd party negotiations and management is a must. 

Managing third party contracts is becoming increasingly challenging. Third party risk management experts help organizations avoid costly billing errors and unnecessary contract management inefficiencies.

VENDOR MANAGEMENT SOLUTIONS

Our Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors. Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 or email LIMITLESS at info@limitlesstechnology.com to learn more about our Vendor Management Solutions.