A vendor management solution centralizes vendor data for both potential and approved vendors, allowing all departments to access necessary information without sifting through emails or relying on other teams.
Our journey with vendor management solutions began out of necessity. During one project, we engaged with information workers to identify pain points and discovered a common issue across departments—employees were constantly searching for vendor information. Procurement needed certificates of insurance, finance required dates and addresses, and these inefficiencies created bottlenecks throughout the organization.
We posed key questions to employees: What if vendor documents were stored in a single, easily accessible digital location? Would it help to track vendor details from initial contact, even before approval? Could an automated insurance certificate tracker simplify compliance? Would it be beneficial to retain vendor information indefinitely, even if a project was put on hold? Overwhelmingly, employees responded positively, often expressing surprise at the possibilities.
When we presented our findings and a vendor management proposal to leadership, they were relieved to see the problem clearly defined. Many were unaware of how streamlined vendor management could be until we outlined the solution.
Key Features of Our Vendor Management Solution:
Centralized, Unchanging Data
Vendor data is stored in a single, digital location accessible to all relevant employees. Regardless of which department gathers information, it remains in the same place. If a vendor is no longer in use, its status is simply updated to “inactive” without losing historical data.
Storing Potential Vendor Information
Many projects start and pause for various reasons, often leaving vendor details buried in emails. Our solution eliminates the repetitive cycle of searching and resending vendor information by ensuring all data is stored from the initial contact stage through onboarding and beyond.
Automation for Efficiency
Automation is key. For instance, vendor insurance certification can be automated with renewal alerts sent to relevant employees and vendors. This eliminates the need for manual checks, streamlining compliance management.
Moving Forward
Vendor management is essential for organizations relying on external services. We identified this need while working on other projects and realized how fragmented vendor data often is. Additionally, most existing systems only track approved vendors, neglecting potential ones.
As a Microsoft partner, we leverage Microsoft tools and existing licenses to build customized vendor management solutions tailored to your organization’s needs. If you’re ready to optimize vendor management, reach out to us today.
