Ncontracts Case Studies Vendor Management Case Study

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	Vendor Management Case Study Ncontracts

Vendor Management Case Study

Ncontracts

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries	Finance & Insurance
Applicable Functions	Procurement Business Operation
Use Cases	Supply Chain Visibility
Services	System Integration Training
Challenge	The credit union was facing several challenges in managing its vendors. The existing vendor management system was only used by two people in the ERM department to conduct an annual risk assessment. It lacked the functionality needed to properly manage vendor due diligence, including summarizing contracts and their costs. As a result, the credit union’s operation was inefficient and was often missing key contract provisions. One full-time employee spent half her time managing 30-40 vendors, while the compliance officer in the risk department spent a large percentage of her time chasing the due diligence materials required for annual reviews, with no time for in-depth due diligence reviews. Read More
About Customer	The case study is about a large credit union with assets worth $1.5 billion. The credit union had a basic vendor management system, but it was only used by two people in the ERM department to conduct an annual risk assessment. It lacked the functionality needed to properly manage vendor due diligence, including summarizing contracts and their costs. As a result, the credit union’s operation was inefficient and was often missing key contract provisions. One full-time employee spent half her time managing 30-40 vendors, while the compliance officer in the risk department spent a large percentage of her time chasing the due diligence materials required for annual reviews, with no time for in-depth due diligence reviews. Read More
Solution	The credit union implemented Nvendor, a vendor management solution that streamlines vendor management by relieving it of burdensome activities that are best addressed by experts, and providing tools that ensure vendor management is standardized and addressed on an as-needed basis. With Nvendor services, due diligence documents and contracts are collected and analyzed by expert attorneys to uncover potential risks. Policy and procedure review and guidance ensure a consistent approach to vendor management. A centralized repository encourages departments to collaborate, making it easy to locate documents and pull up real-time reports of vendor risk, while alerts and email notifications for contract renewals, due diligence activities, and task management promotes a proactive approach to managing vendor relationships. Recording capabilities make it easy to track vendor interactions and issues, and observe trends. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Applicable Industries

Finance & Insurance

Applicable Functions

Procurement

Business Operation

Use Cases

Supply Chain Visibility

Services

System Integration

Training

Challenge

The credit union was facing several challenges in managing its vendors. The existing vendor management system was only used by two people in the ERM department to conduct an annual risk assessment. It lacked the functionality needed to properly manage vendor due diligence, including summarizing contracts and their costs. As a result, the credit union’s operation was inefficient and was often missing key contract provisions. One full-time employee spent half her time managing 30-40 vendors, while the compliance officer in the risk department spent a large percentage of her time chasing the due diligence materials required for annual reviews, with no time for in-depth due diligence reviews.

About Customer

The case study is about a large credit union with assets worth $1.5 billion. The credit union had a basic vendor management system, but it was only used by two people in the ERM department to conduct an annual risk assessment. It lacked the functionality needed to properly manage vendor due diligence, including summarizing contracts and their costs. As a result, the credit union’s operation was inefficient and was often missing key contract provisions. One full-time employee spent half her time managing 30-40 vendors, while the compliance officer in the risk department spent a large percentage of her time chasing the due diligence materials required for annual reviews, with no time for in-depth due diligence reviews.

Solution

The credit union implemented Nvendor, a vendor management solution that streamlines vendor management by relieving it of burdensome activities that are best addressed by experts, and providing tools that ensure vendor management is standardized and addressed on an as-needed basis. With Nvendor services, due diligence documents and contracts are collected and analyzed by expert attorneys to uncover potential risks. Policy and procedure review and guidance ensure a consistent approach to vendor management. A centralized repository encourages departments to collaborate, making it easy to locate documents and pull up real-time reports of vendor risk, while alerts and email notifications for contract renewals, due diligence activities, and task management promotes a proactive approach to managing vendor relationships. Recording capabilities make it easy to track vendor interactions and issues, and observe trends.

Impact #1	The credit union now spends only one hour a week to monitor over 300 contracts with 200 vendors.
Impact #2	The credit union has seen improved vendor performance and early notice of vendor breaches.
Impact #3	The credit union has been able to strengthen its vendor agreements and make better, data-driven decisions.

Impact #1

The credit union now spends only one hour a week to monitor over 300 contracts with 200 vendors.

Impact #2

The credit union has seen improved vendor performance and early notice of vendor breaches.

Impact #3

The credit union has been able to strengthen its vendor agreements and make better, data-driven decisions.

Benefit #1	Reduced vendor monitoring time from 20 hours per week to just 1 hour per week.
Benefit #2	Increased the number of vendors monitored from 30-40 to 200.

Benefit #1

Reduced vendor monitoring time from 20 hours per week to just 1 hour per week.

Benefit #2

Increased the number of vendors monitored from 30-40 to 200.

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Overview

Vendor Management Case Study

Operational Impact

Quantitative Benefit