Quick quiz: what’s the main reason your company should use a vendor management system? Answer: you can keep track of all of your business’ “moving parts”: HR, contracts, sales, returns, customer service issues, etc.
Your executives especially will be interested in keeping tabs on it all, particularly in the following three areas. Here are three crucial reports your executives should see regularly. Take a look below.
The type of information you’re sharing with third-party vendors.
What are you telling your vendors? Are they receiving tax information, sales numbers, revenue? What else?
You should have this discussion with vendors at the very start of your relationship: why do they need the information and what are they using it for?
The Aysling Vendor Management System allows you to provide your vendors and freelancers with access to all or different parts of the system. You will need to “mark” which vendors have access to which VMS module(s) in case of a data breach or other risk management issue.
The value of contracts that are approaching expiration and/or renewal.
There always will be contracts you know you absolutely must renew – and will negotiate hard for them. Then there are those that are “nice to have” but either cost too much or else don’t provide a clear (and needed) ROI.
Knowing which contracts are up for renewal or will expire soon helps you look at them and decide if you will renew…or let them go. Ascertaining the concrete value a contract brings (or doesn’t) can be pure gold to you come renewal time.
An important note to remember: the larger the dollar amount doesn’t really show how valuable a contract is. Large contracts that bring in significant cash also may require more people, tools and expenses to meet.
Your company’s executives – probably especially the financial experts in your midst – will grok mightily for a report on the value of all of your contracts.
The savings and growth realized as a direct (or even indirect) result of purchasing a VMS.
This last type of report also is critical: you need to show proof of the value of your VMS itself to your company’s executives.
A project and vendor management platform such as ours is complicated in the building on our end (but easy in the deployment and usage on yours). So it’s, shall we say, expensive.
But if you run vendor contract reviews within the Aysling VMS you’ll see what gaps exist in vendor agreements. (For example, do all of your contractual requirements appear in the actual contract?)
A thorough review of contracts can make sure vendors are following the contracted invoicing and pricing agreements. Your company’s leaders will be happy to see such reports, especially if and when you discover issues.
Why You – and Your Leadership – Will Love the Aysling VMS
Our vendor management system can see you drilling down and discovering the details hiding in plain sight within your operations, helping you and your leadership see where processes may be broken, errors corrected, processes improved, and bottom lines lifted.
Contact us online or give us a call at 734-997-9500 for more information on Aysling.