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Benefits of Vendor Management System
Vendor management and an extensive list of ensuing requirements have increased dramatically over the past several years. Believe it or not, there is a significant increase of attention to third party vendors and expectations around thorough due diligence, to the point that all the features are becoming more invasive.
We try to keep up with the recent developments in technology, but it’s not always an easy task. Having the time and resources needed to accomplish the task with skills and efficiency seems to be buried deep in the ground. Good thing we have compiled all the reasons why implementing a vendor management system may be the most beneficial thing you can develop in your business.
Excel Is Not Suitable for Vendor Management Anymore
Sadly, vendors who use excel or a similar non-automated tool no longer delivers the most efficient output to manage hundreds and even thousands of vendors. Just like how a regulatory guidance create significant changes and you need to go back and open up hundreds of Excel spreadsheets just to create all the necessary changes by managing a few cells in each one. That’s where vendor oversight software steps in.
Sophisticated tools are now made available for organization’s to implement and efficient automated processes, robust documentation, scheduling reminders and superb reporting. The ideal solution provides a highly intuitive workflow-driven software tools developed by a team of industry subject matter experts.
Do you want to get the best management system for your organization? Well, you came to the right place because we have compiled 12 advantages of using vendor management software.
1. It gives you cloud storage for all item’s vendor related There’s unlimited storage and less chance for loss of critical data if your facility has a business disruption.
2. Consolidate vendor management Centralizing vendor management is known to be a best practice in the industry – even if that means still relying on the lines of business to interact with vendors. A centralized model allows you to standardize terms, practices, and expectations to ensure that you are adhering to the standards for regulatory guidance.
3. Your due diligence and ongoing monitoring tasks are automated and efficient No more missed dates and no more confusing and disparate practices among business units. This software solution will help automate and create easy to replicate processes. And, as processes change, the workflows can change.
4. You have an improved area for document storageFiling cabinets are going extinct, so you need to take advantage of the power of network computing.
5. The likelihood of maintaining a more consistent disciplined approach to vendor management will be increased dramatically By using the software, your processes will become better organized, and regimented.
6. Easy management of contracts Vendor management software can help you easily manage contracts, view key terms and never miss renewal notification or termination steps.
7. Reporting is trouble-free and comprehensive Rather than relying on ad-hoc reports, creating a highly customized standard set of reports that clearly identify areas of concern will help you meet your board’s and examiner’s needs for accurate and comprehensive information.
8. Errors are minimized Less manual processes mean fewer human errors.
9. Avoid overdues Regardless if it’s contract dates, due diligence deadlines, periodic risk assessments, or monitoring requirements, this software solution can process automated scheduling so you’re never at risk of being overdue.
10. There’s less likelihood of overlooking critical information Automated vendor oversight solutions can track crucial events so that you’re not at risk of losing sight of key data.
11. Improved efficiency The precision and perhaps the best argument for an automated solution is helping to close the gaps of juggling manual tasks by creating a process driven workflow that is scalable and reliable.
12. Overseeing your team is made easy You’ll gain insight into who has completed what with a date stamp, as well as what’s upcoming, all in easy-to-view dashboards.
Leveraging vendor management software can help you create a near flawless third party risk program for your organization.
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