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How to Make Vendor Management Software Worth It

Nov 6, 2019 by Venminder Experts

You’ve taken the time to carefully vet vendor management software providers. You’ve dotted all the I’s and crossed all the T’s. You’ve found the one –the perfect vendor partnership for your organization. They have the software that provides the most intuitive features, the software that meets your needs and wants and the vendor you’ve chosen even has subject matter experts on staff to assist with daily questions and due diligence analyses.  

Now what? There’s no point in investing in a vendor management software if you’re not going to utilize it to its fullest potential. Do you agree?  

5 Steps to Take to Make Vendor Management Software Worth It

Having vendor management software and using it are two different things. Here are steps to make the software worth it to you.

1. Don’t let it collect dust.

Figuratively speaking of course, as most vendor management software these days are cloud-based software-as-a-service (SaaS) solutions. However, if you purchase a vendor management software and are paying for it but not actually using it, then that’s just a waste of time and money. The faster the implementation, the faster you reap the benefits.

2. Utilize the subject matter experts.

These days, many vendor management software providers also have many outsourced services available, not just the software. These services include reviews of SOC reports, business continuity and disaster recovery plans, financials and more. With that, subject matters are on hand. Be sure to utilize them and seek their guidance. They’re the experts in the industry and can really help you improve your program.

3. Take the training when there are updates.

Often times, software releases are announced, and the platform is updated. Sometimes it’s quarterly, semi-annually, annually – or even more frequently. When that happens, be sure to take the training that’s provided. It may be a one-on-one with your contact at the organization or it may be an online group training type of deal. Either way, it’s important to know how these updates could enhance your program and streamline processes inside your vendor management software. And, track the training as an investment of time and resources. 

4. Take advantage of the reporting.

The reporting provided in software should be comprehensive and robust. Be sure to look around, dig in, create reports and determine the best ones to present to senior management and the board to keep them informed. This will also help with satisfying examiners.

5. Utilize the workflows.

Upload contracts and track significant dates, set up alerting, create risk assessment templates and more. Try to automate as much as possible and create efficiency with the workflows available in a vendor management software.

Unfortunately, we see too often that many in the industry purchase a software but don’t use it to its fullest capabilities. If you do, you’ll find there are a tremendous amount of benefits and may discover that it can help accomplish some tasks quickly that you’ve been doing manually (and are possibly overwhelmed by it if we’re being honest). In the end, software can and will make your life easier if used correctly.  

There is always room for improvement in vendor management. Download the eBook to learn how.

improve-your-third-party-risk

 

Venminder Experts

Written by Venminder Experts

Venminder has a team of third party risk experts who provide advice, analysis and services to thousands of individuals in the financial services industry.

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