Vendor Management Solutions – Features & Benefits

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Vendor and Supplier Spend Analytics

Business analytics explore your organization’s data, with an emphasis on statistical analysis. Analytics are used to determine data-driven decision-making.

Benefits of Analytics in Vendor Management

Benchmarking (Rates-Terms):

Bench-marking is one of the best tools for determining whether a company is performing functions & activities efficiently and whether its costs & rates are in line with those of competitors or need improvement. 

Benefits of Benchmarking

Vendor Risk Management

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

Contract Management

The key is consolidation of your contracts & agreements into one location, where you can quickly view, manage warranty exit dates, additions/removals & monitor service levels.

Benefits of Contract Management

Cost Reduction

Cost reduction is the process used by companies to reduce their costs and increase their profits. Depending on a company’s services or product, the strategies can vary.

Benefits of Cost Reduction

Document Management System

Increases search efficiency with detailed centralized repository.

 

Benefits of Document Management System

Vendor Visibility

Visibility is essential for business to monitor vendors & suppliers and ensure implementations are aligned with business goals.

Benefits of Vendor Visibility

Spend Visibility

Manage variance in the context of major spend areas. Identify spending trends and specific line items and costs that are driving variances.

Benefits of Spend Visibility

Financial Planning and Analysis

Financial planning and analysis (FP&A) is the process of compiling and analyzing an organization’s long-term financial strategy.

Benefits of Financial Planning and Analysis

Contract & Compliance Standardization

Compliance and standardization includes negotiating the terms & conditions in contracts and ensuring compliance with the terms & conditions, as well as documenting and agreeing on any changes or amendments.

Benefits of Contract Compliance and Standardization

Vendor Accountability

Vendor Management Accountability and transparency are cornerstones of solid business practices, so even if you have the utmost trust and confidence in your vendors, you should still ensure that the relationship is as transparent as possible.

Benefits of Vendor Accountability

Vendor Assessment / Ranking

Vendor rating is the result of a formal vendor evaluation system. Vendors or suppliers are given standing, status, or title according to their attainment of some level of performance, such as delivery, lead time, quality, price, or some combination of variables.

Benefits of Vendor Assessment and Ranking

Cost Controls

Cost management is a continuous process that takes place during vendor management to determine and control the resources needed to perform activities or create assets. Cost control includes procedures to detect variances in billing and identify quickly any errors.

Benefits of Cost Controls

Asset Management

Successful Asset Management in an organizations involves the balancing of costs, opportunities and risks associated with internal and external assets against the desired performance, to achieve the organizational objectives.

Benefits of Asset Management

Process Improvement

Business Process Improvement is important in order for organizations to determine how well processes are running, and whether they are delivering maximum value to the business and activities are processing accurately and efficiently.

Benefits of Process Improvement

3rd Party Expertise and Neutrality

Experts in 3rd Party negotiations. Provide relief from single-supplier reliance and provide quicker engagement (especially in cases of a supplier backlog), cost competitiveness, and higher service levels.

Benefits of 3rd Party Expertise and Neutrality

Profit Improvement

Vendor management includes sustainable improvement areas of companies facing significant financial and operational challenges, including rapidly deteriorating performance indicators and cost concerns.

Benefits of Profit Improvement