business solutions
Vendor ManagementStreamline and simplify your vendor interactions
Vendor management has far-reaching value across all industries, including retail, construction, financial, healthcare, and government. Verifying that your vendors meet your high standards, as well as regulatory guidelines specific to your industry, is essential in running an efficient and profitable business.
Vendormate provides a unified process and directory so every department in your organization can manage compliance and purchasing tasks associated with their suppliers. It will revolutionize how you qualify and choose your vendors and will be an essential daily tool across your organization, helping risk management, ethics, legal, contract management, executive management, and procurement.
No longer will your company subject vendors to multiple points of contact and struggle to maintain the paper documentation required by regulations such as Sarbanes-Oxley.
By integrating your vendor knowledgebase, Vendormate takes complexity out of procurement decisions. Vendormate helps every department manage unique criteria to select the right vendor.
Compliance and ethics
- Satisfies internal and external auditors.
- Identifies conflicts of interest.
- Mandates and tracks online vendor acceptance of companies’ internal policies.
- Notifies when vendors fall out of compliance.
Executive management
- Improves objectivity when assessing vendors.
- Ensures staff is focused on solutions, and only managing exceptions.
- Focuses employees on core business.
- Provides central repository and easy access to vendor documentation.
Procurement/materials management
- Mitigates risks of single-sourced products/services.
- Sources products/services faster from prospective vendors through standardized/organized listing.
- Manages vendors via exceptions.
- Reduces costs throughout the supply chain
Risk and legal
- Limits exposure to fraud due to vendors claiming minority status but lacking proof.
- Mitigates risks of litigation for doing business with vendors who are listed on restricted/excluded parties’ lists.
- Ensures external vendors and representatives have clearance for secured areas and sensitive data.
How it works
Let Vendormate help your organization . . .
- capture and index critical vendor data, certifications, and policy acknowledgements
- credential all vendors to ensure compliance
- monitor who you do business with and who is in your facility
capture
All potential and existing vendors are forwarded from your web site to a custom-branded web application to register. Vendors answer general questions about their services and relationship with you.
credential
Based on their answers and your company's needs, vendors are screened, credentialed, and scored based on your criteria. Then, after paying a screening and monitoring fee, both existing and potential suppliers are indexed in a single, organized directory along with their pertinent details.
monitor
For credentialed vendors, results of a financial and legal review are provided, and verified insurance and diversity certificates are displayed. They are even monitored on an ongoing basis for changes in their legal and financial status.
The result is a complete view of your entire supplier-base, allowing side-by-side comparisons of existing and potential vendors and the security of knowing that every vendor with which you do business is complying with your requirements.