Fully managing complex indirect spend and vendor documentation requires technology, tools, process, expertise, time, commitment, and resources. It’s not easy. Plus, it takes a team of people who know where to look and what to look for with your vendors. That is exactly what you will get, when you work with Limitless Technology.
A true fully managed solution is one where a 3rd party provides your business with support for each component of your complex indirect spend and vendor documentation. It requires technology, tools, process, expertise, time, commitment, and resources. It’s not easy, and it takes a team of people who know where to look and what to look for with your vendors.
There are 2 critical components to providing an effective fully managed VMS service. First you must have a document management platform that contains your vendor/supplier database with every element of your relationship defined. From rate to renewal, the system needs to be set up so that it can provide notifications and escalations to your vendor management team.
Second, you must have a team of experienced professionals that know how to conduct an effective bill audit. These are the people who can determine where there are opportunities for improvement. It is not enough to simply compare 3 different rate quotes, and choose the best cost. They need the knowledge to understand where others in the market are priced, so you can ensure your rates are not just good, but compare favorably with others businesses like yours.
Bringing together the people and the platform is what allows the magic to happen. By having a 3rd party that can implement a fully managed platform, there are obvious benefits: