In today's era of the business environment, third-party vendors play a crucial role in the success of your organization. There are various activities for which we outsource and bring vendors on board with us. Recording all business vendors' key information like service rates, contact details, agreements becomes essential. Relying on excel sheets, shared drives, and word document tools for the management and recording of critical vendors is outdated now.
GoodDay Vendor Management Software allows you to manage your third parties throughout the entire business lifecycle and maintain successful, long-term vendor relations. With all the information ready with you to manage company vendors in a strategic way, you can easily identify areas for improvement, identify gaps in performance and ensure you derive the best possible value from them.
Almost all private companies (small, medium, or large-sized) and government organizations work with outsourced vendors to get specific tasks done more competently. GoodDay Vendor Management Software is a vital solution to the challenges faced while managing and overseeing vendors. Our customized template can adjust to a business' requirements and help them record all necessary vendor-related documents and data. All industries, including Manufacturing, Healthcare, IT, Distribution, Financial, Education, Retail, Pharma/Life Sciences, and much more, can benefit from this Vendor Management Software.
It is estimated that 60%-80% of business expenditures are done on vendors. This is a huge number that calls for a clear understanding of where your money is going. Our Vendor Management Software is a dynamic tool to identify and check where costs can be reduced.
We all wish for one central system that can track all documentation and communications related to each vendor. Now, you can recognize which merchants have come on board and improve your oversight of vendor dealings to cultivate long-term business partnerships.
With our vendor management solution, you can outline specific performance indicators and give vendor ratings. Hence, when the time comes to evaluate and renew the contract, the ratings will allow making a quick decision by showing underperforming vendors or the ones exceeding expectations.
The software allows you to have an extensive overview of vendor performance displaying your critical factors like quality of service, complaint history, and time of delivery. Also, the use of Balanced Scorecards is beneficial in achieving the best results from the vendor’s business.
The centralized reporting system ensures improved decision-making for contracts and diligent work. The software allows to easily store all data in one place as instructed by regulatory authorities.
By using the vendor risk management template from GoodDay, you can keep a check on your financial transactions. It will show if you owe some outstanding balance to vendors or have already cleared their dues. It will save you time and change the way your employees pay bills.
Quick decision-making calls for an exhaustive dashboard that gives you a snapshot of all your business communications. With our vendor management system, you can view statuses and progress reports at a swift glance. You can easily toggle between different items to view updates on the progress of each task.
When a project consists of various tasks that need to be accomplished every week and every day of the month, it is essential to keep a note of the progress made so far.
With the provision of customization of fields, one can choose what appears on their dashboard. For example - daily email alerts, vendor contract signing status, and much more.
Make the most of your third-party relationships and manage the full vendor lifecycle with GoodDay Vendor Management Software.Get this template
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