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.
Unique Features of Automated Vendor Management
Here are seven unique features of automated vendor management that deliver a return on your investment in a vendor management solution:
- Expense savings are gained from real-time visibility into vendor management and include deployment, awareness of upcoming price increases and dates, standardization and centralization of prices, automated vendor performance reviews and avoidance of above-market pay rates and supplier markups.
- Gain personal savings by reducing hours spent with vendor management including due diligence.
- Transparency and the automation of tracking and calculating dates and renewals, assigning of required documents and scoring of risk and performance metrics reduces human error.
- Collaboration savings are facilitated by more visibility, with direct input across channels and silos encouraging teamwork, enabled by vendor management templates that store vendor information and manage multiple relationships simultaneously.
- Reduced time to prepare for audits and examinations and to respond to auditor and examiner requests, leading to an increased likelihood of compliance are the way to achieve compliance and audit savings.
- Financial disclosure and legal review savings come from reduced time to request, retrieve, review and document findings for vendor financial statements and statements of financial condition as well as time and cost for legal review, leading to a standardization of administrative processes like filing resumes, tax forms, certifications, IDs and more.
- Reduced printing and storage in folders and paper files, providing universal access to vendor documents, add up to documentation printing and storage savings.
For More Information
VendorInsight® is a way to automate vendor management that guarantees an impressive return on investment to your bottom line across multiple categories of cost savings. Its tools and features deliver industry-leading automation of processes, policies and workflows.
Download this whitepaper to see how VendorInsight® vendor management software provides you with cost and resource savings and helps you spend less for third-party services.