A recent study found that nearly 35 percent of business owners polled weren’t sure about the actual number of vendors accessing their network. Providing vendors with network access is essential when trying to keep your business running like a well-oiled machine.
However, there are a number of precautions you need to take when providing this access. Failing to keep track of who has access to the information on your network can lead to lots of problems in the future.
If you are unable to keep up with information manually, using saas vendor management software is a great idea. Most of these software programs are easy to use and very helpful.
The following are some of the benefits that come with using this type of cloud-based software.
Easily Implement a Vendor Strategy
Having a strategy for choosing and managing vendors is essential for a growing business. As your business grows, so will your need for third-party help. Instead of rushing through the selection of a vendor, you need to weigh all of your options before making a selection.
Implementing the use of cloud-based vendor management software will allow you to provide a new vendor with the access they need. Not only does this benefit the vendor, it also helps you focus on more important tasks.
A cloud-based program allows for you and your vendors to collaborate with ease. This means that productivity will increase, which usually means more money in your pocket.
Getting What You Pay For
Most third-party vendors will require new clients to sign contracts which outline what they will pay and what services they will receive for this money. Studies show that only about 40 percent of vendor contracts actually end up providing what they promise.
With the help of a cloud-based vendor management program, you can easily review the terms of your contract. Performing periodic reviews of this paperwork will help you see if you are actually getting what you pay for. If a vendor is consistently under-performing, your main goal needs to be replacing them.
Cloud-Based Vendor Management Software Can Be Implemented Quickly
If you are like most business owners, you are a bit impatient when it comes to getting the right tools in place. While on premise vendor management programs can be helpful, they generally take a long time to implement.
This is why most business owners opt for a cloud-based solution. With a cloud-based program, you will be able to hit the ground running when it comes to vendor management. Before you invest in a SaaS vendor management program, you need to work on getting all of the right data in place.
One of the most time-consuming parts of putting a cloud-based vendor management system in place is uploading all of the appropriate information. By preparing for this process, you can shorten the amount of time you have to spend getting this program ready to deploy.
A Centralized Record Keeping System
Keeping up with all of your vendors manually is not only hard work, it also leads to mistakes being made. If a problem does occur with a vendor, you need indisputable proof and records to track down the source of this problem. This is why having a cloud-based vendor management system is so important.
Using this type of software allows you to centralize all of your records in an accessible place. Most SaaS vendor management programs allow you to search for records by using the date or vendor name.
Instead of struggling to keep track of the vendors your company uses, now is the time to embrace SaaS vendor management software. With a bit of research, you should have no problem finding the right program to fit your needs.
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Founder Dinis Guarda
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