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Frequently Asked Questions
What is the difference between VMS and Billing Optimization?
Billing Optimization is a one time examination of current and past billing to identify all unnecessary charges, while at the same time correcting any overcharged billing errors. This product ensures you are refunded any money your company has been unfairly charged for months or potentially years. Vendor Management Solutions (VMS) is an on-going management where companies can benefit by having a complete view into what is affecting their business environments. This solution allows companies increased cost control, vendor transparency, enhanced inventory, document management, and improved financial planning and analysis.
How long does it take to implement a Vendor Management Solution (VMS)?
While every situation with our clients will vary, at Limitless Technology, we make every attempt to implement our process and get results as quickly as possible. We work relentlessly with vendors on your behalf and clearly communicate the process with you.
What is the process for VMS?
This includes an ongoing fully managed strategic audit and optimization process to ensure that all vendors and service provider services are accurate and at the lowest rate attainable while retaining the highest quality for the services being performed. We communicate clearly to our clients throughout every step of our process.
Our organization has established relationship with vendors. Will we have to change vendors with Limitless Technology VMS?
No. We are not re-sellers or Agents of any vendors. The only time we would change a vendor is for the best benefit of the customer and we will leave the decision to our client. Our goal is always to reduce monthly costs with your current vendor while maintaining or increasing the level of quality of the services performed.
Do I need to include all of my Vendors in a VMS or can I choose which ones I would like to have managed?
Our system was developed to house all of your vendors in one central location, from billing, agreements, warranties, contracts, and all other documents associated with the vendor or supplier. However, we do work with our clients on the selection process if they choose they would only like to manage certain vendors into the system. Our experts will provide the best solution to meet your needs and communicate with you what solutions will result in the best outcome to reduce your costs.
How many vendors can the VMS manage?
There is an unlimited number of Vendors, Suppliers and Services that can me managed with Limitless Technology vendor management solutions.
How much does a Vendor Management Solution cost?
Cost will vary depending on the number of vendors, services providers and the number of services preformed by each vendor. Please contact us so that we can provide you with a quote to meet your specific needs.
What documents will our organization need to provide?
Limitless Technology will request minimal but required invoices and documents.
How would our organization benefits from VMS?
While there are many benefits to VMS the goal is to ensure the use of vendors and service providers does not create an unacceptable potential for business disruption or a negative impact on business performance.
Will I always see a savings with VMS?
Limitless Technology has had a 100% success rate. Our team is passionate about cost reduction and finding savings is our number one goal.
Is there any reason not to have a VMS for my organization?
In some cases where an organization is too small to qualify we may recommended a VMS is not the best solution. However, let our experts review your unique situation and provide a qualified analysis.
I have an internal staff that manages vendors, what benefit would I have to outsource?
We understand many organizations have internal staff including IT staff, who are responsible for auditing billing, renewing contracts, following up on used and unused equipment, document management and other responsibilities. However, all too often we have seen where in-house staffing is not qualified or possess the expertise to negotiate with vendors for the best cost and best service. In many cases resources are not available due to time restraints and where other tasks are keeping staff and managers from being able to devote their time. Unfortunately, when overlooked it could be costing the organization thousands in over payments to vendors.
We see these cases frequently and have heard the testimonials from our clients: “We wish we would have done this sooner.” “We knew with acquisitions there had to be errors in our billing and outdated contracts and agreements that needed to be reviewed, but we didn’t know where to begin to resolve the issues.” When they finally decided to outsource in many cases they could have been saving $1,000’s in some cases tens of thousands in expenses”.
Are there any other benefits to outsourcing a Vendor Management Solution?
Another benefit of outsourcing and very important to most businesses today is compliance. Documenting agreement and contract changes, updating new regulations, keeping warranties current and other features of contract compliance are available in VMS. See more about Contract Compliance Benefits in VMS.
Are there potential vendor risks by not implementing VMS in to our organization?
Yes. Anytime you outsource a service to a 3rd party you are putting your organization at risk if the vendor or supplier does not perform. A VMS solution ensures vendors are following the agreements set forth and agreed to. If a vendor fails to provide your organization with the services or products your business needs to perform, it can damage your reputation as a reliable business and/or cost you thousands to recover.
Our organization has had a prior audit of our billing and it didn’t work out as we had hoped, do you offer any guarantees of savings?
We have heard from several companies regarding “not so positive” experiences when another company was brought in to provide a vendor management solution, audit vendors or optimize billing. Whatever service was being provided the outcome was not what they had expected. Limitless Technology has a 100% success rate saving organizations on their vendor expenses. Our fully managed Vendor Management Solution manages all vendors including: billing, contracts, agreements, expiring warranties, renegotiating renewals and much more. WE ARE AGENTS NOT RESELLERS of vendor services. Our passion is cost reduction and we work with our clients to ensure they reduce expenses and increase profit.
What experience does your staff have in vendor management?
Limitless Technology has differentiated itself by creating a strong team of expert auditors, cost reduction and contract negotiation specialists.
How much can our company expect to save?
Limitless Technology saves our clients on average 17% – 36% and we have never failed to find a client savings. Every organization will have varying results depending on the number of vendors, services per vendor, contractual relationship with vendors, agreement terms, invoice errors recovered, credits recovered, contract negotiation results, equipment audits and services audits preformed.
What bills do you review?
Limitless Technology will review any and all vendor billing for a list of most reviewed vendors click here.
How much staff / management involvement is required?
We understand your time is valuable and in most organizations resources are limited. Limitless Technology works collaboratively for the best results with minimal disruption to business operations and resources. Communication is made through our VMS portal providing one central location for client / service communication. This eliminates numerous phone call and emails and creates a tracking system between both parties.
Is support available if we have questions regarding our VMS software?
Yes, we are available to answer questions via phone, email, web site and chat.
Are we obligated to accept all of your recommendations?
No. You determine and approve all recommendations prior to implementation, our team implements them on your behalf.
What’s required to get started?
Contact us today at 866-504-4050 to learn more about our Vendor Management Solutions (VMS).