Why Effective Vendor Management Is Important?

Most organizations are increasingly using multiple third-party vendors and contractors to expand the product portfolio and improve customer experiences. However, managing relationships and agreements with multiple third-party vendors and contractors can get very complex very quickly. In some cases, regulations are in place that require due diligence to minimize third-party risk exposure.

The increased regulations elevates the importance of vendor management from a department-level process to an enterprise-wide one. Progressive organizations are shifting their perspective about vendor or third party risk 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 which is particularly true for IT vendors. This allows them to determine how to better balance risk within the entire portfolio, similar to the way financial professionals analyze business portfolio.

Effective Vendor Management can yield additional value beyond reducing risk and meeting regulatory compliance requirements. It reduces costs, improves contract terms and increases the value the organization yields from each vendor

Predict360’s Vendor 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 centralizes vendor management process and prevents it from oversight through a complete vendor management process. It helps organizations achieve the following:

• Continuous identification of high risk vendors
• Accelerated reporting to management and regulators
• Streamlined portfolio-wide vendor risk reporting
• Efficient management of vendor risks and contracts
• Decreased vendor costs and increased productivity
• Expanded product portfolio and improved customer experiences

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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