Why Your Business Needs a Vendor Management Software?
by Sayyed Noman Ali Digital Marketing ManagerWith the evolution of digital workplaces and increased
regulations, Vendor Management is considered as
part of overall business strategy. Progressive organizations are adopting
efficient Vendor Management Software. Numerous organizations
rely on multiple third
party management solutions to manage vendors and contracts. However, managing these third
party management software can get really complex and chaotic.
Eplatform Tech offers effective Vendor
Management Software that yields you additional
benefits way beyond risk mitigation and ensuring compliance. Reducing costs,
improving contract terms and ultimately the platform will help your
organization derive more value from each vendor. It centralizes the entire
process of vendor management. Thus, providing organizations enhanced control
over vendors and contracts.
Let's explore how it can
help your organization.
1.
Reduced Risks
With a centralized vendor
management software you can easily track vendors, identify risks in terms of
unforeseen costs regulatory compliance,and take necessary action to reduce the
same. The platform provides you increased visibility.
2. Improved Efficiencies
The vendor management Software offers a centralized
repository to store and manage all the vendor data, contracts, insurance and
any other related documents. This prevents data duplication, loss of contracts
and other vital information. Further, improve overall efficiency as the process
is automated.
3. Lower Costs
With increased visibility, you can easily see extra costs and
their sources. Thus, you will be in a better position to save on costs. Further
with a centralized system, you can ensure that everything is within budget.
4. Increased Vendor Performance
You can now easily track the performance of every vendor. With the
help of the objective assessments, you will be able to provide
vendors with the actionable feedback that will help them to improve
their quality control standards and performance .
5.
Faster Vendor On-boarding
With Eplatform Tech vendor
management software, it is a breeze to add new vendors. The quicker you can add a new
vendor, the quicker you can receive products/services from them. Thus ensuring
that there is no productivity slow down.
How Vendor Management Software Helps Companies Work
Better
In this globalized
economy, the right vendor
management software solution can help companies work more efficiently, handle more
details easily, and save time and money by streamlining processes. It can also
save them as much as 20 or even 30 percent in labor and internal costs,
according to Richard B. Renckly in his book
Human Resources. Some of the benefits of the right vendor
management software solution include:
- A streamlined and transparent
requisition approval process
- Reduction in time-to-hire timelines
- Standardization and centralization of
billing rates, payment options, invoicing, and contracts
- Ability to manage vendors and their work
- Enhanced security and compliance
management
- Visibility into non-sanctioned spending
and “scope creep”
- Standardization of administrative processes
like filing resumes, tax forms, certifications, IDs, etc.
- Integration with the company’s
Information Computer Technology (ICT) and its Enterprise Resource Planning
programs - no more siloed information that should be working together
- Insight into supplier, vendor, and
contingent workforce performance
- Critical paper trails and tracking in
case of audits
- Portals for contractors for ease of
communication
- Mitigation of risk and compliance
assurance
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Created on Feb 4th 2021 05:53. Viewed 321 times.