With the evolution of digital workplaces and increased regulations, Vendor Management is considered as part of overall business strategy. Progressive organizations are adopting efficient Vendor Management programs.Numerous organizations rely on multiple third-party solutions to manage vendors and contracts. However, managing these third-party software can get really complex and chaotic.
Why opt for these expensive solutions when you can manage your vendors directly from your SharePoint intranet portal-Dock 365. It is a platform where you can manage all the services and products offered by each vendor.
Dock Vendor Management Portal
Dock offers effective Vendor Management that yields you additional benefits way beyond risk mitigation and ensuring compliance. Reducing costs, improving contract terms and ultimately the platform will help your organization derive more value from each vendor.It centralizes the entire process of vendor management. Thus, providing organizations enhanced control over vendors and contracts.
Let's explore how it can help your organization.
With a centralized vendor management system you can easily track vendors, identify risks in terms of unforeseen costs regulatory compliance,and take necessary action to reduce the same. The platform provides you increased visibility.
The vendor management program offers a centralized repository to store and manage all the vendor data, contracts, insurance and any other related documents. This prevents data duplication, loss of contracts and other vital information. Further, improve overall efficiency as the process is automated.
3. Lower Costs
With increased visibility, you can easily see extra costs and their sources. Thus, you will be in a better position to save on costs.Further with a centralized system, you can ensure that everything is within budget.
4.Increased Vendor Performance
You can now easily track the performance of every vendor. With the help of the objective assessments, you will be able to provide vendors with the actionable feedback that will help them to improve their quality control standards and performance .
5. Faster Vendor On-boarding
With Dock's vendor management system, it is a breeze to add new vendors. The quicker you can add a new vendor, the quicker you can receive products/services from them. Thus ensuring that there is no productivity slow down.
Written by Sneha Gopal
She comes with 4 years of experience in content management and have worked with brands from the US and UK. An enthusiastic content crafter, she loves travelling and learning about new Microsoft Technologies.