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Is Your Vendor Management System (VMS) Really Managing Your Vendors?

Many people think that all VMS’s are created equal. This couldn’t be further from the truth. Yes, a VMS is a technology platform and operates on the basic premise that it serves as a tool to manage and procure contingent labor. However, if you compare Android, Windows and OS X you will see each has its own strengths and weaknesses. The same is true of what can be said about VMS’s. Some VMS’s manage the job requisitioning process extremely well. Others are optimized for consolidated invoicing and time collection approval and payments. A third set of VMS’s measure pre-defined metrics of the customer/supplier relationship. These systems were designed to reduce procurement costs and simplify the payment process. But, does the VMS truly manage its vendors? The answer is a resounding, “no.” Data is not reported in real-time. Therefore, it is not actionable data. Business decisions are reactive in nature. Until decision makers are provided with actionable data, the VMS will continue to manage a process. However, it still does not manage the vendor.

The next generation of the VMS is here in the form of a Partner Relationship Program (PRMP). UpNet’s PMRP streamlines the management of supplier partners through one single-point of contact to ensure optimized performance of supplier partners in accordance with real-time KPIs while also delivering SLA compliance and driving cost efficiency.

 

The PRMP utilizes our iEDeX™ (Information Enterprise Data Exchange) technology which exchanges data between any disparate system, while also providing global analytics and reporting. A supplier’s systems are connected directly to the customer’s systems thus allowing actionable data for both the customer and supplier. The customer can now determine the KPIs to measure and track and respond proactively.

 

For additional information, please visit www.upnettec.com/csg/prmp.