SOFTWARE AUTOMATION
Unleashing Vendor
Lifecycle Management
RDIT Canada | Oct 7, 2022
The ultimate goal of a VMO (Vendor Management Office) is to find strategic partners that can provide high quality services, optimizing performance while reducing risks and expenses.
Challenges facing IT management today grow as increasing number of providers and services are being managed by IT and critical solutions for the business should be identified. Therefore, the VMO will be crucial in:
- Supplier performance monitoring.
- Measuring vendor quality.
- Managing vendor relationships.
In the past, organizations used to focus on the first two issues and delegated the third one to their procurement department. Lately it has been noticeable that IT is spending 30% more time managing vendor relationships as more diverse services are contracted.
According to Andres Baez, RDIT Canada Country Manager:
“The great challenge for organizations is to evolve Vendor Management capabilites, measuring the impact on the overall operational and financial performance.”
Vendor Management automation tools manage all aspects from procurement to contract renewal, within an efficient, collaborative, and transparent process.
Why should companies implement a Vendor Management WaaS (Workflow as a Service) platform?
There are many advantages of implementing a WaaS platform, some of the most common are listed below:
- A WaaS platform leverages built-in algorithms to automate the entire process, from sourcing to contract management.
- The platform allows the creation of a pool of pre-qualified providers with a single click. This functionality is designed to avoid vendor selection errors and rejections.
- The platform helps managing the entire vendor base, enabling workflows for recurring tasks, such as issuing invoices, tracking payments, and creating contracts. Additionally, the WaaS platform submits documents and manages all contracts from a centralized location. Custom fields could also be added to make sure all necessary clauses are met.
3 benefits of a VMO WaaS platform
- Access to a large selection of providers.
- Easy vendor onboarding.
- Finally, reduces the risk associated with contracting while allowing an informed decision.
holo Vendor Management is the Waas Platform to manage the automation of the vendor lifecycle.
The solutions offered by holo Vendor Management includes monitoring the performance of each vendor, and identifying the value added by each vendor to the business. In addition, the dashboard provides detailed visibility and control of expenses.
All vendor contracts and associated documentation are integrated in one place.
A VMO WaaS platform allows executives and senior managers to easily manage risks, evaluate vendors and improve the efficiency by creating high quality processes as well as adding transparency and traceability at each step of the process.
Organizations that evolve their Vendor Management lifecycle save money, improve services, and have a direct impact on the performance by enabling a strong environment for innovation.
