Role of Vendors in Today’s Competitive World

In order to succeed and achieve operational efficiency, businesses rely heavily on vendors. These vendors play a crucial role in the success of the company. Some of the major benefits provided by vendors include:

1. Cost. A vendor serving multiple companies can offer each company a lower cost that what each of the companies would incur for the same service provided internally. Furthermore, the vendor is incentivized to automate and lower costs even more, as time goes on.
2. Best Practices. The contribution of each of the client companies will make the vendor’s offering more in line with industry best practices and everyone benefits from contributing to enhance/refine the vendor’s offering.
3. Staying Ahead. In order to stave competition and provide the best service, the vendor has to be proactive and liaise with regulatory bodies. The vendor has to build functionality into the system ahead of the rules being published and enforced. In today’s world, an internal department for the most part is reactive.

Although dealing with vendors poses some vital risks, managing the process and ensuring that it complies with laws and regulations can be done through the use of technology. Vendor management software enables organizations to efficiently manage their vendor risks and contracts and prevents it from oversight through a complete vendor management process.

Predict360’s Third Party Risk Managment Software allows organizations to benefit with the services provided by third party vendors and contractors while managing the risks posed by these vendors efficiently and effectively. It also centralizes vendor management process and prevents it from oversight through a complete vendor management process.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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