Vendor Management
With LogicERM everything you need to manage vendors is in one place. Your vendors are connected to the products and services they provide and to the business processes that use them. Tasks you use to manage your deadlines are automated, including the collection of contracts and internal compliance requirements into their profiles in LogicERM. In real-time you will see which vendors have not completed their requirements and based on their risk score, your follow-up actions are prioritized.
Vendors can contribute to your top line and expense management initiatives or put you out of business. LogicERM manages the full lifecycle of selection, contract and compliance management to help everyone focus on those vendor relationships that matter most to your business.
Vendor risk rarely equates only to the amount of money you pay them. You’ll get a true measure of vendor risk with LogicERM’s practical and easy to use automated scoring capability. You’ll know a vendor’s risk, performance and compliance status at a glance and have the tools you need to take action. Incident management streamlines the reporting and tracking of vendors through to resolution and includes investigations, email notifications with workflow covering threaded discussions, and escalation.
In addition to traditional selection, contract and compliance management capabilities, LogicERM enables you to
- Use tasks and reminders to track vendor compliance with all relevant company policies, procedures and regulatory requirements.
- Identify key vendors using a weighted risk score based on multiple criteria you define, such as their financial and operational risk, product/service suitability and criticality to your business.
- Manage all vendor information, including vendor profiles, contacts, facilities, products, services and contracts.
- Extensive reporting and dashboards to monitor activity in real-time.
- Manage all documents for each vendor profile including contract, SAS70 verifications, etc.
View our video white paper on how to apply a common risk management platform across the enterprise.