Our Program Administrator team at VendorINSIGHT® frequently fields questions from users about vendor documents. Today, they offer this insight:
Contract owners often ask what types of documents can be or should be stored in the system. The answer is simple. All kinds of vendor documents can be stored with the contract record. This can include everything from the initial evaluation documents to the termination letters. Depending on the vendor management policy, contract owners may even be required to save certain vendor documents to the system like SSAE16 reports, financials, completed information security questionnaires and other forms. The “Add Document” feature in VendorINSIGHT® is very user friendly and the Policy Control and Compliance Module (PCM) makes it very simple to associate documents with policy requirements. Sometimes customers want to track expiration dates for vendor documents, like Certificates of Insurance, in a separate spreadsheet but with VendorINSIGHT® there’s no need for this. VendorINSIGHT® can link the documents to the correct record and provide advanced email and dashboard alerting when the expiration date is approaching. The Program Administrators can even set up preliminary, or anticipatory, vendor contract records so that users can save and track evaluation, RFP and other due diligence documents even before the contract has been finalized!