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ROI on Automated Vendor Management | VendorInsight®

Posted by CMPG Risk Solutions on Feb 28, 2019 8:52:44 AM

7 Ways Automating Your Vendor Management Can Deliver ROI

Without a structured vendor management solution, your company is probably losing money every year from overspending on contracts with third parties. A solution to this is optimizing your vendor spend and reducing the amount of staff time spent on management. More and more companies are doing this by automating their vendor management, with options including web apps and cloud-based solutions that can handle most, or all, of these tasks with tools that offer a unique set of features.

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Topics: Third-Parties, due diligence, risk management, risk management simplified, Configurable, Transparency, Automation, Collaboration, Return on Investment, Audits

Due Diligence: Plan to Outsource It Next Year | VendorInsight®

Posted by Ryan Fox on Sep 17, 2018 10:04:19 AM

 It’s that time of year – prepping budgets for the upcoming calendar year. As you think about your resource allocation, consider outsourcing as an alternative to increasing staff to complete your due diligence review.

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Topics: due diligence, vendor management outsourced

Do I Need to Measure Vendor Performance?

Posted by CMPG Risk Solutions on Mar 11, 2014 1:55:00 AM

A few years ago we were asked by a customer to help them develop some performance metrics for one of their vendor relationships. We helped them establish some inventory and delivery metrics that would measure how well the supplier was supporting a critical part of their business. Our customer's business requirements required some slight changes compared to how the suppliers typically handled business so they were very interested in finding a supplier that could support their needs well. These measures were important to our customer. The competing proposals were close and the vendor's willingness to engage in designing performance metrics that could be tracked was a differentiating factor.

As the data started coming in over the first few weeks there were a few hiccups caused by changes that weren't obvious but were affecting performance - a managerial change here, a software update there. You get the idea. The customer had objective data about the performance level and could approach the supplier so they could collaborate on how to remedy the problem. Our customer even jumped in and offered short term manpower resources one time. Our customer also had some unique subject matter expertise and when they shared this with the vendor the vendor soon adopted this knowledge into their own processes.

Soon the transition performance measures were tracking steadily and it was time to introduce two new performance measures. These would measure different aspects of the vendor's performance and would help our customer attain the strategic objectives they were targeting over the next two years.

This little anecdote illustrates an important point. Managing vendors and their business performance - especially in outsourcing relationships where they are performing critical functions - is as equally important as managing risk. We all know that the risk of a vendor failure is very high but research suggests that the risk of an underperforming vendor relationship is even higher. An underperforming vendor relationship consumes massive amounts of manpower and results in significant productivity losses. Often, inefficient exception management processes consume and overtake the normal process of management-to-goals.

So, what's the good news, you ask. With VendorINSIGHT you can get access to experts that can help you define good performance measures for your vendors and ones that are appropriate for the phase of relationship you are in. With these in place, the VendorINSIGHT system takes care of the rest - delivering the automation and workflow tools you need to capture performance metrics, monitor trend and performance and remediate underperformance. Check out the links below to read about these features and whether they might make sense for you.

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Topics: due diligence, vendor reviews

What You Don't Know About Your Vendor's Financial Health May Be Hurting You

Posted by CMPG Risk Solutions on Jan 15, 2014 3:13:00 AM


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Topics: Vendor management, due diligence

VendorInsider Blog

Insight into Vendor Management Best Practices, Challenges, Solutions and Trends from Industry Insiders

As one of the longest running and most advanced vendor management software solutions, the helpful people of VendorInsight® have a unique perspective on third-party risk, compliance and management.  In the VendorInsider Blog, we share our insights on timely and relevant issues facing vendor managers.  You can subscribe using the button below, or contact us with questions.

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