Vendor risk management (VRM) is the process of ensuring that the use of service providers and IT suppliers does not create an unacceptable potential for business disruption or a negative impact on business performance.
Benefits of Vendor Risk Management
With a vendor management solution, you’ll be able to perform your due diligence and rate your risk based on the data you have from your vendors versus the data you need.
A sudden drop in the quality of services or products, for example, can mean that the vendor or supplier is cutting corners, and late shipments could indicate raw material problems or even financial issues. With vendor management software, you have access to analytical trends and advanced “flags” that can identify risks BEFORE they adversely affect your business operations.
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.