In 2014, we grew more than 20% and we expanded our presence with large and medium sized financial institutions as well as with smaller ones and in other industries. We’ve been swamped and working hard these past few record-setting months! We also successfully introduced four major releases with fantastic workflow features and helpful reporting along with new content management features.
There seems to be a division emerging in the industry right now. At one end of the scale, there are super-large enterprises and Fortune 100 companies looking for large-scale enterprise platforms to manage enterprise risk and vendor/supplier risk all together. We call these the ERM solutions. At the other end of the scale – typically banks below $50B in assets and Fortune 500 to 1000ish companies – customers are looking for sophisticated and complete vendor management systems, without the complexity, cost and enterprise headaches.
This makes sense, on the surface it would seem that an all-in enterprise risk system could save some money but the ERM players were late to the game with vendor management and are still a ways from catching up. There simply aren’t the features, workflow, tools and monitoring services in their systems and there might never be because vendor risk management is only one small part of the overall enterprise equation. The reality is that the dedicated vendor management solutions do a much better job, and a much more productive job of helping customers manage a complex process like vendor management that is already sophisticated, crosses multiple organizational boundaries and requires advanced tools and reporting and workflow. In other words, they’re useable and more oriented toward the things vendor management and third party risk management groups need to do.
For the vast majority of the industry, an ERM solution is far too expensive, it saps IT resources and infrastructure, and the learning curve makes it extremely difficult to achieve simplified processes with the productivity needed without hiring additional personnel. So far, the market tells us we’re on the right track with our advanced software that can easily be put to effective use by both small and large companies, providing scalability, and our exceptional customer service model that consistently achieves the highest ratings!
We’ve had several customers convert from other solutions to come over to VendorINSIGHT® and to this day we’ve still never lost a single customer to a competing solution except in the event of an acquisition by a large company who used a different vendor management system! That is something we’re proud of….taking care of and helping our customers the way they need us to.
If you aren’t already a VendorINSIGHT® customer we hope you’ll become one soon so we can help you and take care of you, too!