Vendor Management Solution
Take ownership with a Vendor Management Solution, from supplier onboarding and contracts to performance tracking
Achieve seamless vendor onboarding and engagement with a Vendor Management Solution
A Vendor Management Solution facilitates adding new suppliers and maintaining accurate supplier data, saving time and reducing the risk of engaging with unaccredited suppliers.
Vendor Management involves all the necessary tasks a company must perform to maximise the value of its vendor relationships. These activities include researching the IT marketplace for products and services, selecting vendors, obtaining quotes, negotiating contracts, managing relationships, evaluating vendor performance, coordinating product and service deliveries, and making vendor payments.
Vendor Management Tools
Vendor Management Solution can take the pain out of manually collecting documents, conducting checks and updating records before onboarding a new supplier or even maintaining an existing one. From acuity to credit checks, automate Telic’s supplier management process. Here’s how we can help:
Onboarding
Eliminate the excess time it takes to onboard new suppliers. A self-serve portal lets suppliers enter their details independently, giving you peace of mind.
Validate Supplier Information
On average, every company does eight vendor checks with third parties before declaring them eligible to work with. Automating the checks could save your business teams valuable time and effort wasted in conducting these checks manually.
Supplier Portal
Suppliers will have access to their portal to regularly update their catalogue and include any relevant information.
Track Performance
Base your decisions on the performance of your suppliers on factors such as delivery quality, company policy and timeliness.
Supplier Contracts
Keep all supplier contracts and related data organised in one centralised location.
Designed To Be Flexible And Fully Auditable
Portal Registration
- Supplier is invited to register on portal
- Supplier completes their public profile
Client Registration
- Supplier is invited to your onboarding process
- Supplier provides the necessary information
Data Verification
- Data is verified
- Due diligence is performed
Supplier Record
- Approval decision is made
- Supplier is added to your directory
What Types of Businesses Require a Vendor Management Solution?
Companies with operations across multiple locations, business units, and departments may need help streamlining their processes and managing expenses effectively.
Businesses that aim to grow through acquisition often seek to simplify their procurement process by consolidating their vendors.
Organisations operating in highly regulated industries such as Financial Services must maintain a record of their compliance activities and be able to demonstrate their compliance to regulators and stakeholders periodically.
Companies seeking to enhance their relationships with their suppliers and enhance their strategies for managing third-party risks can benefit from this service.
Manage suppliers, and supplier performance
With the Vendor Management Solution, you can easily access and manage the list of registered suppliers, their products, services, certifications, areas of expertise, geographical locations, and contact information. With this feature, you can have a detailed overview of each supplier and make informed decisions based on your needs and requirements.
All your critical systems are automatically connected with the suppliers, making them available whenever needed.