Improve all aspects of your vendor management program via a solution that delivers process automation, management, and control.
A customized Vendor Management Solution from Plasma provides a workflow-based platform that enables a 360° approach to managing all of your vendor management activities. A fully integrated solution that provides a seamless, process-automated, platform that will improve your ability to select, onboard, and manage your vendors. Vendor management that is more effective and more efficient.
Common Problems Faced by Enterprises
Robust vendor management is a key contributing factor to almost all performance metrics within a product or service enterprise. Poor vendor management can cripple an enterprise’s reputation and severely degrade its growth and financial performance. Common issues include:
- Vendor management that is restricted by manual processes that are costly, inefficient, and ineffective.
- Vendor qualification routines that are cumbersome for both the enterprise and the vendor.
- Document handling routines that are not automated.
- Disparate and cumbersome methods for measuring vendor performance.
- Inability to make decisions and implement corresponding actions in a timely manner.
- Invisible vendor performance issues that result in loss of enterprise reputation and loss of revenue.
Plasma Solution Benefits
Automation of new vendor qualification and onboarding processes
Plasma’s Vendor Management Solution provides workflow-based automation off all critical qualification and onboarding routines. This significantly reduces the potential for qualification and onboarding errors while also enabling tighter control of your vendor management costs.
Automation of legal doc handling and management
Full automation of all of your legal document routines (creation, review, redlining, approval, release, storage, etc.) allows for accurate and efficient handling of your vendor-related legal documents. Reduces the potential for costly errors while also significantly reducing manual, labor-intensive, processing.
Scorecards/Dashboards to monitor vendor performance
Customize your own Scorecards and Dashboards to monitor the performance of your individual vendors. Ability to customize individual scorecards and dashboards to monitor vendor-specific performance parameters. Spot vendor performance issues before they reach the critical stage and take preventive or corrective actions.
Real-time visibility into vendor spends vs allocations
Ability to create custom analytics and reports to monitor real-time vendor spend data. Allows for quick assessment of your current actual vendor spend dollars vs your targeted allocations. Enables much tighter control to reduce the risk of becoming too dependent on one or two vendors.