3 Benefits of Vendor Compliance Management Software
Vendor compliance management software assists both companies and suppliers in broadening their access to trade opportunities in their industry and promoting compliance. We rounded up the essential benefits to optimise vendor management in the digital era:
- Automate Vendor Applications
Completing vendor applications is often a tedious, paper-based, manual process. Traditionally, companies need to repeat this process and refill vendor applications regularly with updated information or in case the form has been misplaced or lost.
Imagine you never have to fill a vendor application again. With vendor compliance management software, the vendor application process is automated, saving time and human resources. Companies do not need to refill their data entries every time they are dealing with new suppliers or respond to suppliers’ requests.
- Simplify the Procurement Process
There are various advantages to investing in vendor compliance management software. The main goal is to enforce compliance and mitigating risk, thus ensuring all information is verified and accurate. However, from a functionality standpoint, the solution helps to streamline and simplify the procurement process.
An efficient vendor compliance management software will automatically send reminders of any documentation due for expiry, maintaining up-to-date vendor information. It will also speed up requests for quotes and improve B-BBEE spend reporting.
Some systems such as VCM take the process further and no longer require a vendor number to receive or respond to quotes and pricing requests, which minimises procurement delays.
VCM offers a holistic approach to vendor compliance managing by assisting both companies and suppliers to promote compliance and furthermore aims to provide SMMEs and established companies with equal and greater opportunities. Here is a recap of the three main areas of VCM:
- Build a Central Vendor Network
Having all information from compliant suppliers in one database makes it easier to conduct business and follow-up on the procurement process. A centralised supplier portal replaces and automates the traditional vendor application process, keeping vendor data in one place.
Vendor compliance management software provides companies with instant access to compliant suppliers, making requests for quotations and pricing immediate and readily available. It helps companies ensure compliance across their vendor network.
Choose user-friendly and customisable software such as VCM that offers compliant suppliers the chance to interact and trade with other suppliers, expanding trading prospects and contributing to the growth of the vendor network.
VCM is a vendor management platform designed to provide complete visibility on all suppliers’ levels of compliance with statutory, legal, BBBEE and technical requirements.
Contact XGRC Software to find out more about the VCM vendor compliance management solution. Visit www.vendorcompliance.co.za for more information.