Ncontracts Case Studies BancorpSouth: Wrangling thousands of vendors with customized and responsive vendor management services

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	BancorpSouth: Wrangling thousands of vendors with customized and responsive vendor management services Ncontracts

BancorpSouth: Wrangling thousands of vendors with customized and responsive vendor management services

Ncontracts

Technology Category	Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries	Finance & Insurance
Applicable Functions	Procurement
Use Cases	Inventory Management Supply Chain Visibility
Services	Software Design & Engineering Services System Integration
Challenge	BancorpSouth, a rapidly growing community bank with approximately 280 locations, did not have a centralized vendor management program until 2016. Instead, individual relationship owners across the bank's footprint were responsible for contract management and due diligence. The bank needed a software and services solution to centralize thousands of vendor relationships and improve tracking of regulator and audit findings. The bank also wanted to save time and money by identifying and preventing auto-renewals and ensuring that bank-specific vendor documents are used. Read More
About Customer	BancorpSouth is a rapidly growing community bank located in Tupelo, Mississippi. The bank has approximately 280 locations and has been a customer of Ncontracts since 2016. BancorpSouth has a size of $18 billion and its primary examiner is the Federal Deposit Insurance Corporation (FDIC). Prior to 2016, BancorpSouth did not have a centralized vendor management program. Instead, individual relationship owners across the bank's footprint were responsible for contract management and due diligence. Read More
Solution	BancorpSouth partnered with Ncontracts to bring vendor management under one umbrella. The bank adopted Ncontracts' Nvendor, a complete vendor management software and services solution. Nvendor provided the collection and analysis of financial documents, business summaries, SOC reports, and other documentation and reports prepared for the bank. It also offered ongoing monitoring, notifications, reminders, and risk assessment tools. BancorpSouth also adopted Nfindings in 2016, a solution by Ncontracts for tracking findings across the institution without overwhelming employees with too much information. Read More Log in to view content
Contents

Technology Category

Functional Applications - Enterprise Resource Planning Systems (ERP)

Applicable Industries

Finance & Insurance

Applicable Functions

Procurement

Use Cases

Inventory Management

Supply Chain Visibility

Services

Software Design & Engineering Services

System Integration

Challenge

BancorpSouth, a rapidly growing community bank with approximately 280 locations, did not have a centralized vendor management program until 2016. Instead, individual relationship owners across the bank's footprint were responsible for contract management and due diligence. The bank needed a software and services solution to centralize thousands of vendor relationships and improve tracking of regulator and audit findings. The bank also wanted to save time and money by identifying and preventing auto-renewals and ensuring that bank-specific vendor documents are used.

About Customer

BancorpSouth is a rapidly growing community bank located in Tupelo, Mississippi. The bank has approximately 280 locations and has been a customer of Ncontracts since 2016. BancorpSouth has a size of $18 billion and its primary examiner is the Federal Deposit Insurance Corporation (FDIC). Prior to 2016, BancorpSouth did not have a centralized vendor management program. Instead, individual relationship owners across the bank's footprint were responsible for contract management and due diligence.

Solution

BancorpSouth partnered with Ncontracts to bring vendor management under one umbrella. The bank adopted Ncontracts' Nvendor, a complete vendor management software and services solution. Nvendor provided the collection and analysis of financial documents, business summaries, SOC reports, and other documentation and reports prepared for the bank. It also offered ongoing monitoring, notifications, reminders, and risk assessment tools. BancorpSouth also adopted Nfindings in 2016, a solution by Ncontracts for tracking findings across the institution without overwhelming employees with too much information.

Impact #1	Nvendor provided BancorpSouth with more visibility into its vendor management program.
Impact #2	The bank was able to save time and money by identifying and preventing auto-renewals of vendor contracts.
Impact #3	Nvendor's notifications and reminders helped BancorpSouth's vendor management team stay ahead of the game.

Impact #1

Nvendor provided BancorpSouth with more visibility into its vendor management program.

Impact #2

The bank was able to save time and money by identifying and preventing auto-renewals of vendor contracts.

Impact #3

Nvendor's notifications and reminders helped BancorpSouth's vendor management team stay ahead of the game.

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Overview

BancorpSouth: Wrangling thousands of vendors with customized and responsive vendor management services

Operational Impact