As a retail organization, you understand there is risk in working with third party vendors, but are you really prepared to meet that risk head-on with an enterprise strategy across your vendor ecosystem?
Organizations need to consider the enormous risks associated with suppliers and vendors and prepare to handle supply chain disruptions efficiently. Retailers need to ensure that their third-parties protect confidential IT information, avoid unethical practices, maintain a safe and healthy working environment, comply with regulations, produce safe and quality products, mitigate operational risks, and much more.
The retail industry in particular is highly dependent on suppliers, and is more likely to add new suppliers as and when products, fashion, or raw materials change. With the addition of these new suppliers, the cost of compliance and audit activities also increase. Hence, many retailers find it difficult to estimate their current compliance costs and determine how to align their resources to manage and mitigate critical compliance risks.
Third-party due diligence goes beyond just auditing and gaining visibility into the supply chain. It is the process by which a company takes action on the insights gained from due diligence programs to manage risks more effectively, and use supplier collaboration to bridge supply chain risks.
A resilient third-party due diligence program needs to be in place in order to meet regulatory challenges, increase transparency within supply chain, onboard new suppliers, and mitigate emerging risks from complicated supply chains. Better visibility into these areas helps organizations proactively handle risks that otherwise are overlooked due to complicated supply chain networks.
Once implemented, third-party due diligence becomes a normal part of doing business that everyone in the organization values and follows. It helps the organization establish relationships with the right vendors from the beginning, and therefore, brings down the overall cost of audits and compliance.
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.