How do you currently audit and analyze your vendor spend?
If you find this time consuming and inefficient then we would like to ask you a few more questions…
- – What are your concerns when managing vendors?
- – What Issues do you face or have you faced with billing accuracy?
- – How quickly can you access your invoices?
- – Are they accessible via a mobile device?
- – Where do you currently store all your supporting vendor documentation?
- – How easy is it to specifically identify risky terms and conditions in your current agreements?
These are just some of the Questions we discuss with our clients. We understand there are unique vendor and supplier struggles in all organizations. We take the time to listen and provide solutions that fit with our years of experience in cost reduction. The secret is a powerful process that organizes and optimizes every aspect of supplier expenses eliminating waste resulting in increased profit.
Today, most firms have internal procurement departments who have negotiated rates and terms accessible to them. However, with the increase in volumes/variety/complexity of purchases, digitization, availability of new technology, scale of vendor agreements, globalization of business needs, convergence of categories, and regulatory risk management requirements, experts in 3rd party negotiations and management is a must.
For most large corporations, third parties constitute 35-65% of the total operating costs. Robust and thorough vendor audits send strong, compelling compliance messages throughout the organization and most importantly to the third party vendors, demonstrating that the company values transparent and compliant behavior. Vendors should in turn be less inclined to engage intentionally in unethical conduct if they know that an audit may be conducted at any time and the account is being managed. Vendor audits are therefore often an effective way to demonstrate and evidence a organizations’s careful oversight of supply chain management from a compliance perspective.
LIMITLESS VMS (vendor management software) can streamline and automate the many processes that support contracts, invoices, agreements, and vendor information all at your fingertips. Do not allow a lack of visibility into vendor deliverables and performance to increase costs and decrease the value of your company!!! An enterprise-based solution that automatically generates vendor management metrics will deliver valuable insight for regaining control of your vendor activity.
Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but also: control expenses, drive service excellence and mitigate risks…while gaining increased visibility and value from their vendors. Through LIMITLESS’s on-line software overall vendor management, as well as – vendor expense management, is accomplished by giving you absolute visibility into your vendors and spend. No matter what the vendor or type of service they provide – companies can have a comprehensive view into their: services, contracts, rates, terms, conditions and spends through this sophisticated web-based solution.
Organize. Optimize. Save.
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.