Manage Your Vendors Seamlessly with Our Vendor Management Software
Vendors in today’s complex business environment play an important part in the success of your organization. Relying on vendors, however, brings added risk.
Managing these vital risks and relationships, therefore, is key to make sure third-party products and services adhere to the security best practices and the applicable laws and regulations.
When it comes to managing critical vendors, it’s no longer enough to rely on word processing tools or spreadsheets, as they no longer meet the growing requirements from investors, customers, and auditors. Companies should get comprehensive vendor management software that enables them to manage and safeguard their resources and maintain long-term and successful relationships with vendors.
TWO-PRONGED MANAGEMENT APPROACH
ProcurementPath Vendor Risk Management
This capability makes sure that the suppliers’ use of the program does not have a negative impact on business performance or disrupt company operations. A program with vendor risk management technology supports enterprises that need to manage, monitor, and assess their risk exposure from third-party suppliers.
A program with a vendor risk management function helps organizations perform due diligence and rate their risk based on the information they have from their vendors versus the data they need. A sudden dip in product quality, for instance, could mean that the vendor is cutting corners. With a vendor management solution, they have access to advanced red flags and analytical trends that identify risks before they negatively affect an enterprise’s business operations.
Vendor Lifecycle Management
Software with a vendor lifecycle management solution lets organizations manage vendor lifecycles like a pro. It enables businesses to focus on strengthening and managing vendor relationships, as they are no longer spending huge chunks of their time writing reports, filing documents and chasing after invoices.
Enterprises in search of a comprehensive vendor management solution that provides vendor contract management, risk management, and lifecycle management capabilities can turn to Stave Apps.
Visit this page for further details about our software.
THE BENEFITS OF A VENDOR CONTRACT MANAGEMENT
A vendor contract management solution offers users the ability to manage contract budgets and expiration dates, create contracts, attach electronic documents, and submit into approval workflow. On top of that, organizations can report on the status of a contract with visibility to invoices, purchase orders, and requisitions assigned to the contract.
A program with vendor contract management gives businesses a competitive advantage, thanks to these features:
- Centralized Electronic Repository for Documents – Software with a vendor contract capability enables companies to access and store contracts from a centralized electronic repository, which is great for both CFOs and buyers. CFOs can view contracts, contract budgets, and all associated expenses while buyers can assign requisitions to vendor contracts.
- Audit History of Contract Approvals – Businesses that integrate vendor contracts into a vendor management solution don’t have to worry about tracking down these documents for auditors. Instead, enterprises can simply point to the stored purchase commitments and vendor contracts along with their approval dates and times.
- Purchase Tracking against Contracts and Contract Budgets – Approvers who use the organization’s vendor management software will be able to track pending requisitions and the status of all other purchase commitments. On top of that, they can check the status of the budget before providing approval.
Our ProcurementPath software allows companies to manage all their vendors seamlessly in a single system. With our solution, you can:
- Manage any compliance requirements and vendor problems, such as poor service delivery and defective products
- Score vendor responses to determine offer ratings
- Come up with an online solution for vendor collaboration to manage individual and company contact details, contracts, proposals, communications, and tasks
- Automate vendor compliance and onboarding through partial or full vendor service
WORKFLOW & TASK MANAGEMENT