Ncontracts Case Studies Saving time and money with more efficient vendor management

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	Saving time and money with more efficient vendor management Ncontracts

Saving time and money with more efficient vendor management

Ncontracts

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Procurement
Services	System Integration Training
Challenge	Extraco Banks, a $1.4 billion-asset bank based in Waco, Texas, was facing a challenge with its vendor management. The bank was concerned about unwanted auto-renewals slipping through the cracks and needed a way to organize contracts scattered across the bank. This was also important for exam preparation and to support the bank’s LEAN initiative. The task of finding a solution fell to the manager of Extraco Banks’ LEAN initiative, who wanted a way to digitize and centralize vendor management. Read More
About Customer	Extraco Banks is a $1.4 billion-asset bank based in Waco, Texas. The bank has been a customer of Ncontracts since 2013 and its primary examiner is the OCC. The bank was looking for a way to organize contracts scattered across the bank and support the bank’s LEAN initiative. The bank was also concerned about unwanted auto-renewals slipping through the cracks and wanted to improve its exam preparation process. Read More
Solution	Extraco Banks decided to adopt Ncontracts’ Ncontracts Manager, a complete vendor contract management solution designed to eradicate the errors and unknowns that lead to higher risks and costs in contracts. Five years after implementation, Extraco Banks is enjoying the benefits of Nvendor. The bank is alerted to auto-renewals, avoiding unintentional renewals. It has all of its contracts in one place, making it easy to see exactly what products and services the bank has and review whether they are needed. It can also track start dates and exceptions like missing signatures. Nvendor, a complete vendor management solution, helps them manage third-party risk through vendor policy and procedures reviews, vendor risk assessments and other critical tasks. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Procurement

Services

System Integration

Training

Challenge

Extraco Banks, a $1.4 billion-asset bank based in Waco, Texas, was facing a challenge with its vendor management. The bank was concerned about unwanted auto-renewals slipping through the cracks and needed a way to organize contracts scattered across the bank. This was also important for exam preparation and to support the bank’s LEAN initiative. The task of finding a solution fell to the manager of Extraco Banks’ LEAN initiative, who wanted a way to digitize and centralize vendor management.

About Customer

Extraco Banks is a $1.4 billion-asset bank based in Waco, Texas. The bank has been a customer of Ncontracts since 2013 and its primary examiner is the OCC. The bank was looking for a way to organize contracts scattered across the bank and support the bank’s LEAN initiative. The bank was also concerned about unwanted auto-renewals slipping through the cracks and wanted to improve its exam preparation process.

Solution

Extraco Banks decided to adopt Ncontracts’ Ncontracts Manager, a complete vendor contract management solution designed to eradicate the errors and unknowns that lead to higher risks and costs in contracts. Five years after implementation, Extraco Banks is enjoying the benefits of Nvendor. The bank is alerted to auto-renewals, avoiding unintentional renewals. It has all of its contracts in one place, making it easy to see exactly what products and services the bank has and review whether they are needed. It can also track start dates and exceptions like missing signatures. Nvendor, a complete vendor management solution, helps them manage third-party risk through vendor policy and procedures reviews, vendor risk assessments and other critical tasks.

Impact #1	Centralized digital contract storage
Impact #2	Eliminated unwanted auto-renewals thanks to auto alerts
Impact #3	Improved exam experience

Impact #1

Centralized digital contract storage

Impact #2

Eliminated unwanted auto-renewals thanks to auto alerts

Impact #3

Improved exam experience

Benefit #1	Saved money through increased efficiency and identification of unnecessary products

Benefit #1

Saved money through increased efficiency and identification of unnecessary products

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Overview

Saving time and money with more efficient vendor management

Operational Impact

Quantitative Benefit