Shift in Vendor Management Process

Spreadsheets and word processing tools for managing vendors are a thing of the past because of their inability to meet the stringent requirements of the auditors. Today, increased regulatory compliance requires organizations to use effective vendor management software that ensures the products and services provided by the third-party vendors are safe and comply with applicable laws, regulations, and standards. Increased regulatory compliance also elevates the importance of vendor management from a department-level process to an enterprise-wide one.

Progressive organizations are shifting their perspective about vendor management from a transactional to strategic view of building and leveraging vendor value with full lifecycle management. Executives are starting to look at vendors as a total portfolio to manage. This allows them to determine how to better balance risk within the entire portfolio, similar to the way financial professionals analyze business portfolio.

Vendor management can yield additional value beyond reducing risk and meeting regulatory compliance requirements. Managing Vendors -throughout the lifecycle of the relationship reduces costs, improves contract terms, increases the value the organization yields from each vendor and further reduces risk.

Predict360’s Third Party Risk Management 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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