With Supply Chain going global managing vendors is m ore than a full time activity for any business which might take a lot of focus out of their core competence. Regulatory requirements often force businesses to apply controls on how vendors do business with their suppliers and so on. A comprehensive solution to manage vendors actively by collaborating with them for statutory reporting, certifications, business continuity is a must for any business to thrive in today's competitive world.
Vendor Management Solution (VMS) powered by Process Factory is a comprehensive solution to address pain points in vendor management. Reducing process cycle times in vendor onboarding, active collaboration with external agencies to review vendor data from time to time, Vendor surveys to avail most current discounts and services are some features VMS offers to maximize partnership value of vendors to organization.
- Collaborating with key stake holders in business to gather information about the vendor.
- Intermediate Data Store to prevent junk data from being populated into the system.
- Segregation of Roles using standard security
- Extensive Configurable duplicate check to identify potential duplicate master data
- Search internal / external data stores for key field matches
- Dynamic validation of vendor master data using data derivation rules
Exception Handling and Process Monitoring
- Notifications to key stake holders on process / data exceptions
- Comprehensive reporting to monitor processes
Continuous Data Monitoring
- Monitor vendor data periodically for changes (Collaborate with third-party providers)
- Collaborate with vendor for statutory reporting (MBE usage, AP ageing etc.)
- Provide statutory reports to regulatory authorities