Why are we trying to do everything in-house, and when do we start looking outside to experts who are better suited to improve our bottom line.

Here are some key considerations your company should be looking for as you determine if an outsourced managed service solution will create value for your company:

Does outsourcing align with our internal resource needs?

As you evaluate your internal staffing, resource roadmap, and internal processes, does a managed services solution allow you to unburden your staff so they can handle other business-critical activities?   Will a fully managed solution deliver the improvements better than we can internally?

Are their experts better than ours?

You need to ensure the VMS provider is designed and resourced by a team of subject matter experts that are focused on cost reduction and have the appropriate industry expertise to provide you with the required improvements to your organization.

Is our process proven to provide results?

Do you have a cost reduction strategy?  A proven process that begins with assessing the current state of your vendor agreements and contracts, resulting in demonstrated savings should be a prerequisite.  

Scalable and Reliable Service Level Performance

Can the provider meet your unexpected demands (higher number of new vendor diligence than you anticipated) and align with your growth plans to scale with your accordingly?

Are You Ready for Outsourcing?

If you are unclear if outsourcing makes sense for you, consider the following as objectives that outsourcing some or all of your Vendor Management Program is something you should be considering:

• Lowering Costs
• Streamlining Operations
• Implementing Best Practices 

In the end, outsourcing your Vendor Management function can make sense on many fronts.  It can send a message to your staff, executives, board members, and investors that your take seriously the responsibilities to mitigate third-party risk, optimize your operating costs, ensure regulatory compliance and strive for excellence.

Ask yourself these questions…

• Do you know how many assets your organization has and needs to track?
• How many users need to have access?
• Where are the assets located?
• Is the asset being used?

The benefits of asset management

Keeping track of the assets of the company is an important task that can save companies money and time. Asset management is the process of maximizing the assets of the company to provide the best returns to stakeholders. It can tell where the assets are located, how they are used, and when changes were made to them.

Here are a few examples

• Demonstrated compliance with the requirements and wishes of your stakeholders
• Better financial results because of better ROI and/or cost reduction
• Informed decisions from multiple angles, such as performance, profit and costs, risks and opportunities
• Risks managed when necessary and knowingly existent when acceptable
• Higher customer satisfaction
• Decisions also based on entire life cycle of assets (also when this exceeds the duration of other plans)
• Stability of the production in the long term
• Improved reputation towards your stakeholders
• Demonstrated compliance with regulation and legislation
• Traceability of decisions
• Improved knowledge management
• Increased attractiveness for shareholders

Vendor Management offers substantial assistance in the management of assets. Asset tracking lets organizations and individuals catalogue, track, organize, audit and manage information about assets of all types, from information technology assets to office equipment and company vehicles.

Added benefits of Asset Management 

• Good Business Practice
• More Meaningful Financial Reporting
• Improved Regulatory Compliance
• Improved Reliability
• Long Term System Integrity
• Cost Savings

Using a Vendor Management Solution to track assets

It is almost impossible to track assets properly without a vendor management solution that incorporates asset management into your cost reduction strategy. Systems like the one that is part of our flagship vendor management solution, VMS Platinum, are typically part of a fully managed service that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks.  Our solution at Limitless Technology Cost Reduction Services also provides increased visibility and value from their vendors. We leverage our proprietary on-line software, giving you absolute visibility into your vendors and spend. No matter what the vendor or the services that our clients provide – they have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

Your company starts to grow, and you need more technology to keep up with additional staff, customers and to help improve the process. You are aware of the efficiencies and cost savings made possible by new technologies and are upgrading their infrastructures as a result.

But are you aware of How Purchasing more Technology can lead to Cost Creep?

Every CFO knows about “cost creep”; the slow build-up over time in the cost/revenue ratio. In today’s marketplace, there is an increasing number of service providers who can deliver more efficient solutions, giving end-users more options than ever.

In the beginning, new suppliers are on their very best behavior, cutting deals and slashing costs. The client will enjoy some pretty large cost savings during the first couple of years.

However, as the contract matures and becomes less visible to the client, costs begin to slowly creep up until, if unchecked, they can accelerate way beyond the initially agreed-upon amount.

When you purchase more services, your plans may mutate, creating new contracts that incur additional charges. Over time, small ancillary charges can appear but are not questioned, increasing your bills slowly. This “creep” may leave you paying for services you do not need and may not even understand.

Because data is at the heart of every business and it plays a crucial role in businesses staying connected, technology bills are perceived as a necessary fixed expense and are often overlooked even when the initial cost has increased yet services have not changed.

Companies, Organizations, and Businesses can easily incur monthly expenses ranging from thousands to tens of thousands of dollars each month. Managing the financial component of vendors can be a nightmare! Looking at just telecom you have: Multiple carriers, multiple contracts, introductory offers, equipment, and different locations. Just these factors can lead to poor financial management and procurement processes.

Learn how to improve vendor management processes and improve your bottom line! #stopcostcreep #reducecostcreep

With a Vendor Management Solution, contract experts can negotiate a fixed rate for a particular service. The contract terms must be met ensuring that both parties are aware of what is expected and any variances will be flagged and the vendor will be held accountable for any charges and changes outside of the agreed terms.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 to learn more about our Vendor Management Solutions.

Vendor management is a core competence in successful business. In a competitive marketplace, businesses must look at creative ways to extract more value from providers, while reducing risk and upholding quality.

Simply beating suppliers down on price year after year is not a sustainable strategy!

Limitless Technology, LLC has been managing complex indirect spend and vendor documentation since 2006 for some of the largest companies in the USA saving them millions in costs.

Through our Billing Optimization and Vendor Management Solutions proprietary platforms, we utilize technology, processes, expertise, time, and resources to improve our client’s bottom line.

Limitless Technology manages your vendors, so you can manage and grow your business.

For Additional Information Contact us at 407.330.4466

This includes IT services, office supplies, delivery services, utilities, rentals, and the goods needed to run business day to day. GET entire list of vendors here. When you consider the myriad of services and supplies businesses need in order to operate strategic management of those service providers and vendors – they need to be first and foremost the core of importance, but you’d be surprised at how often it isn’t.

Most companies might think their vendor management solution is “just fine the way it is”, and in some cases that might be true. The real issue is that only a few businesses know exactly what to even LOOK FOR or even where to begin, and without that information they might find that their current process is lacking in more ways than one.

So how do you ensure you have the BEST VENDOR MANAGEMENT SOLUTION?

You must consider availability of all billing, agreements and documentation. How easily accessible is every document related to every vendor? How updated is the information? How efficient is the management process? Do you feel any time is wasted in finding, organizing, interpreting and optimizing? Is billing fair? Are there any errors in billing, oversights, overcharges or invoices for services not even rendered? How often is all vendor related information from billing to contracts evaluated? Rated? What about the quality of the service … Is quality being accessed?

Vendor management is more than getting the lowest price. Most often the lowest price also brings the lowest quality. As the saying goes: “you get what you pay for”. Be careful not to short-change the vendor by trading off quality as this could have a profound impact on your own business. The key is for BOTH SIDES to align on what constitutes as quality and a good value. You and your vendors should be willing to negotiate a fair price while receiving the expected quality. If the vendor is serious about the quality they deliver, they won’t have a problem specifying the quality details in the contract.

Because vendor management inherently means dealing with a great deal of third party businesses, services and providers, it would be ridiculous to assume that one solid strategy will never need tweaking, reviewing and changes as time goes by. Vendors change their prices from time to time and in order to ensure you get the best deal, it’s important to keep an eye on any new pricing, billing or contract changes that could either benefit or hurt your business.

Reevaluating vendors is an essential part to ensuring the “best for the best”. Every time you reevaluate, you’ll find changes – be it somewhere you can save money, somewhere you can optimize efficiency and performance, somewhere you can spend less resources and so on. For these reasons, it’s important to deal with a vendor management service that is always thinking about what to do next…

LIMITLESS offers a fully managed solution to ensure you are “paying for what you are receiving”. Ensuring contract terms are met as well as compliance standards. Tracking any potential risks, optimizing your billing and managing all contract and agreements in one central software solution.

Outsourcing vendor management to a third party will also help standardize processes; and consistency helps enable the transparency essential to effective governance. This helps to alleviate flawed data, and costly mistakes.

Our software will not only house every contract, service agreement, warranty or renewal agreement, but we also manage negotiations for better rates and terms saving your business from unnecessary fees and costs while maintaining quality standards. If you have questions regarding how to manage vendor contracts/agreements or would like more information regarding our fully managed vendor management solution contact LIMITLESS at (866) 504-4050.

Improper management leads to duplication of accountabilities and capability gaps and overlaps, which can result in increased costs and missed business opportunities.

“By collaborating effectively, SP&VM functions can work toward common objectives, and transform from inward-focused teams to a combined outward-focused group that is engaged and motivated to work together to meet the future challenges of the organization,” says Luke Ellery, research director at Gartner. (www.gartner.com: Resource)

“Gartner estimates that organizations spend an average of 62% of their technology budgets on vendor products, services and outsourcing.”

Sourcing, procurement and vendor management are disciplines that must align with the most available souring options to allow the business with the speed and agility to grow. This alignment must be accomplished in all vendor industries especially technology where markets are rapidly growing. All markets must be continually evaluated, revised and measured against changing business priorities, market disruptions and new opportunities.  Engaging with potential vendors, negotiating with them, buying from one or more of them in the same industry to facilitate transitions between vendors when a replacement decision needs to be made in order to ensure performance and achievement objectives and quality of service are maintained. Vendor management is not a one-time event, but rather an ongoing management function.

Setting the ground rules for vendor engagements outlines the frameworks and policies for effective governance.

The three disciplines of sourcing, procurement and vendor management have to be clearly outlined, roles and responsibilities documented, and work together to plan and execute these objectives.

With LIMITLESS, Vendor Management Solutions, we partner with each member of your team so they feel confident they can maintain the overall control, won’t lose the vendor relationships they value but, WILL gain the critical support they need to make better decisions. The support we provide allows your team to focus on the important work of ensuring occupancy rates, delivering exceptional resident experiences, and grow their business and market shares.

Nationwide: 866-504-4050.

Other Ways to Connect with Us.

Request more info: http://limitlesstechnology.com/contact-us/
Facebook: https://www.facebook.com/limitlesstech
Linkedin: https://www.linkedin.com/company/limitless-technology

These thoughts allowed those brave men and women to over throw the tyranny of rule at that time, and use this independent thinking to drive away from the dictatorship they were under and strive for freedom of: Religion, Speech, Press, Peaceful Assembly and to Petition to Government for a Redress of Grievances.

Yet, this independent thinking was not an opinion of one but of many, and at the end of the day it took a Declaration of Independence with this collective input to drive one INDEPENDENT thought, which governs our nation and has created the ledger of accountability we strive to abide by still today.

In business, we need to also thinking independently and use our wisdom and or experience to shed light onto business practices to improve upon them and to drive profitability. However…certain decisions must not be formed by the opinion of one but, from  a collective independent thought which governs the best return for the entire organization. These thoughts are to come from one man, woman, division or leader but, a singular collective thought for the common good of the business.

In the business of vendor management and cost reduction practices we often see this decision making coming from one division. Historically, a vendor management function reported to areas like information technology, procurement or the chief financial officer. And today with strong risk-related activities, more likely it will sit in compliance or risk management, or even directly to the risk committee depending on the size of the organization.

So how and why is an independent collective thought so important?  Well, for starters, if this discipline reports to a single division, it’s likely to have a very narrow focus or have decisions made predicated only on financial concerns. Additionally, you wouldn’t want it devoted to a specific business line or business activity, as it would be naturally skewed to meet that departments needs first versus the best for the overall organization..

Vendor management and billing optimization services should be an independent group/department inside your company, an individual apart from any one division or outside of your company independent of “organizational blinders”.

Here are 3 important reasons why: 

1. An independent focus outside any one department, provides some a strong degree of autonomy and the ability to audit interdepartmental actions. This of course can only be accomplished with the senior leadership team supporting the thought of a balanced approach to decision making and risk management.
2. Most regulatory guidance is predicated on the board and senior managements involvement. If vendor management is a detached area, then the participation does not get diluted in the day to day work of another business area.
3. The goals of a well-managed third party risk program are far different than the business objectives of any one branch or organization. Therefore, vendor management will stay more on track if it is maintained by a separate group.

Failure to manage your vendors in this way reduces transparency throughout the organization, creates pockets of unnecessary expense, allows cash to be wasted unnecessarily and reduces the overall profitability of an organization which leads to: poor financials, reduced evaluation, lost investors, and often times to the demise of an organization.

However, companies are fixing this problem every day by finding external 3rd party resources to guide them through this independent thinking, and break away from the autocratic or vacuum based decision making and create the appropriate level of vendor accountability, compliance and full transparency needed to manage your vendor risks best in the future.

This IS what our team at LIMITLESS does All Day and Every Day. We take this burden off of your people – so they can focus on the bigger problems they face daily. We partner with each member of your team so they feel confident they can maintain the overall control of these relationships without losing vendors they value however, DO gain the critical accountability and transparency the entire organization needs to make better decisions. The support we provide, like our forefathers provided for us as a nation, allows your independent teams to no longer worry about handling the complexity of these relationships. Instead they can focus on growing the business, taking more overall market share and ensuring the success of your organization.

Contact LIMITLESS today for a FREE CONSULTATION to discover how to get control of your unmanaged spend and reduce expenses in your business.

Other Ways to Connect with Us.

Request more info: http://limitlesstechnology.com/contact-us/
Facebook: https://www.facebook.com/limitlesstech
Linkedin: https://www.linkedin.com/company/limitless-technology

Important Agreement signed last week. You ask yourself … “Where is that Contract – I know it’s in HERE somewhere I just saw it last week. I know it was filed … Account name or by service? I can’t find it!” Meanwhile, management is still in meeting waiting for the signed Agreement.

How REFERENCEABLE is your CURRENT VENDOR Database? How quickly could you retrieve files, agreements, contracts, vendor contact information or a particular invoice by date or total amount PAID? How can those documents be retrieved “from another location?”

LIMITLESS Vendor Management Solutions is THE Vendor Management Solution Software that brings Superior Spend Analytics and Visibility within a FULLY MANAGED software solution. Contact LIMITLESS for more information.

Your company starts to grow, and you need more technology to keep up with additional staff, customers and to help improve process. You are aware of the efficiencies and cost savings made possible by new technologies and are upgrading their infrastructures as a result.

But are you aware of How Purchasing more Technology can lead to Cost Creep?

Every CFO knows about “cost creep”; the slow build up over time in the cost/revenue ratio.   In today’s marketplace, there are an increasing number of service providers who can deliver more efficient solutions, giving end users more options than ever.

In the beginning new suppliers are on their very best behavior, cutting deals and slashing cost. The client will enjoy some pretty large cost savings during the first couple of years.

However, as the contract matures and becomes less visible to the client, costs begin to slowly creep up until, if unchecked, they can accelerate way beyond the initially agreed upon amount.

When you purchase more services, your plans may mutate, creating new contracts that incur additional charges. Over time, small ancillary charges can appear but are not questioned, increasing your bills slowly. This “creep” may leave you paying for services you do not need and may not even understand.

Because data is at the heart of every business and it plays a crucial role in businesses staying connected, technology bills are perceived as a necessary fixed expense and are often overlooked even when the initial cost has increased yet services have not changed.

Companies, Organizations and Businesses can easily incur monthly expenses ranging from thousands to tens of thousands of dollars each month.  Managing the financial component of vendors can be a nightmare! Looking at just telecom you have: Multiple carriers, multiple contracts, introductory offers, equipment, and different locations. Just these factors can lead to poor financial management and procurement processes.

LEARN MORE ABOUT COST CREEP from Todd Larsen, CEO

Are you overlooking the financial costs of managing suppliers? What are the risks of doing that?

Here are findings from top research names in the industry. While cost creep can occur with any supplier these statistics share the findings in just telecom alone…

• – Telecom costs rank in the top 5 expenses for most companies (Gartner)
• – 80% of carrier bills contain errors (Gartner)
• – Telecom analysts spend on average 20% of their time identifying errors (Gartner)
• – Enterprises forfeit 12%-17% of telecom expenses without a proactive approach to telecom cost management (Aberdeen Group)

With a Vendor Management Solution contract experts can negotiate a fixed rate for a particular service. The contract terms must be met ensuring that both parties are aware of what is expected and any variances will be flagged and the vendor will be held accountable for any charges and changes outside of the agreed terms.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 to learn more about our Vendor Management Solutions

Most businesses at one time or another outsource due to limited internal resources. But what happens when you aren’t in control of your vendors terms, cost of services or even quality of work? How much is that costing your business?

We recently came across a company that used 3 companies for network support. One company was more expensive than the other one and took longer to complete work needed, but the quality that was performed always met their standards. Because they had a limited schedule and were more expensive the company had to at times opt for a couple of other vendors that did not meet the same quality of stands. They did not show up when scheduled, had poor work habits and didn’t complete the job fully so they had to make several trips. Sometimes they would return with a different technician which presented other issues like familiarity with the systems, software, project or service.

In many cases they were also overcharged because they would charge the company for multiple trips or charged to fix other issues while they were there without informing the company first. We have also come across companies like this where they feel they must continue for one reason or another working with certain vendors due to relationships or knowledge of equipment or software or just general familiarity with the business itself.

These vendors know this and unfortunately some of them take advantage of the company’s inability to find someone else. Do you have vendors like this? What have you done if anything to resolve the issue?

Vendors inability to perform to the standards agreed upon in a contract can be costly, involving losses of hundreds of thousands of dollars. So, it’s important that businesses know how to deal with these circumstances.

With a Vendor Management Solution contract experts can negotiate a fixed rate for a particular service. The contract terms must be met ensuring that both parties are aware of what is expected and any variances will be flagged and the vendor will be held accountable for any charges and changes outside of the agreed terms.

If you have questions about any of our VMS benefits contact us today at 866-504-4050 to learn more about our Vendor Management Solutions