Vendor SLA Metrics Tracking

A vendor relationship is ongoing, and therefore requires ongoing monitoring. One of the most critical due diligence processes in vendor management is continually ensuring service-level agreements are being honored and updated when needed. LogicManager’s SLA Metrics Tracking solution package has everything you need to streamline and automate this due diligence.
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What is SLA Tracking?

A service-level agreement (SLA) is a commitment between a service provider – often referred to as a vendor or a third party provider – and an organization. The SLA establishes the customer and provider obligations, such as details about the service that is to be delivered, and metrics for defining and measuring the service. Defining these terms ahead of time helps give a clear understanding of expectations for both parties, as well as the penalties associated with failing to meet those expectations. 

While creating the SLA is an important step in the vendor relationship, it is equally important to perform continual monitoring on the SLA. This is called SLA tracking. SLA tracking ensures that each party is meeting their obligations and that if those obligations are not being met, they are tracked and appropriately escalated.

Risks

Without having the proper expectations and guidelines outlined in your SLA, your vendor activity may extend beyond what is acceptable at your organization and can pose serious risks to your business. At the very least, this calls for a formalized SLA write-up process. Without acknowledging violation consequences, unmet expectations penalties or downtime procedures within your SLA, you could be exposing your organization to threats it can’t afford to be exposed to.

Failing to continually monitor your SLAs can allow any unmet obligations to fall through the cracks. Ongoing maintenance helps ensure that both parties are keeping their promises. Should an SLA be violated and your organization is left with no choice but to terminate the relationship, you could be left without access to a critical service that could cause you to lose customers, efficiencies, capital and more.

Achieve SLA Tracking with LogicManager

Fully integrated GRC platform

While the SLA Tracking package is a point solution for your vendor management program, by nature it is woven into LogicManager’s fully integrated GRC platform that’s built on a taxonomy framework. This means you can easily tie your most critical vendor and contract management information to other related processes so that other members of your organization can have more context and make more committed and informed plans.

Streamline your processes

Tracking SLAs can be a tedious process, and without a robust software, a lengthy and arduous one too. LogicManager has a number of workflows and automation rules to cut down on time and energy expended on this critical due diligence, so you can work smarter, not harder. You can also easily establish standardized metrics that expedite and simplify your monitoring processes.

Maintain an audit trail

Doing your due diligence with ongoing SLA tracking helps you better understand the risk that each vendor poses to your organization; should they violate your agreement, the proof is time-stamped right there in the LogicManager application. This can then be easily accessed and demonstrated to auditors, investors or other key stakeholders.

LogicManager’s SLA Tracking Solution

Here’s more of what you can expect with LogicManager’s SLA Tracking solution package: 

  • Leverage the Contract SLA Monitoring section of our out-of-the-box Relationship fields, which consist of two important fields: 1) Determining if there are any SLAs in the vendor contract and 2) If so, if any of the SLAs have been violated.
  • Set up a workflow for ongoing monitoring of SLAs that can be automatically kicked off on a set frequency. If any SLAs have been violated, set up another workflow to notify the appropriate parties and set up tasks as needed.
  • Date-based automation rules trigger tasks to review the SLAs as you’re coming up on your contract renewal. This can be used as a negotiating tactic; if a vendor didn’t meet your SLA requirements, you’ll have reason to terminate or re-write the contract moving forward.
  • Our numerous reporting capabilities can be customized to fit any of your business needs. Some of the most common reports used for SLA tracking include the Relationships Field History Report, the Vendor Summary Report, All Tasks Report, and the Overdue Tasks report.

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Vendor SLA Metrics Tracking Tools

Want to learn how LogicManager’s SLA Tracking solution package can help transform your vendor management program? Start by requesting a free demo today.

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