Why Your Business Needs  a Vendor Management System (VMS System)

With the evolution of digital workplaces and increased regulations, Vendor Management is considered as part of overall business strategy. Progressive organizations are adopting efficient Vendor Management programs. Numerous organizations rely on multiple third-party solutions to manage vendors and contracts. However, managing these third-party software can get really complex and chaotic. 

Why opt for these expensive solutions when you can manage your vendors directly from your SharePoint intranet portal-Dock 365. It is a platform where you can manage all the services and products offered by each vendor.

Dock Vendor Management Portal 

Dock offers effective Vendor Management system that yields you additional benefits way beyond risk mitigation and ensuring compliance. Reducing costs, improving contract terms and ultimately the platform will help your organization derive more value from each vendor. It centralizes the entire process of vendor management. Thus, providing organizations enhanced control over vendors and contracts. 

Let's explore how it can help your organization.

1. Reduced Risks

With a centralized vendor management system you can easily track vendors, identify risks in terms of unforeseen costs regulatory compliance, and take necessary action to reduce the same. The platform provides you increased visibility. 

2. Improved Efficiencies

The vendor management program offers a centralized repository to store and manage all the vendor data, contracts, insurance and any other related documents. This prevents data duplication, loss of contracts and other vital information. Further, improve overall efficiency as the process is automated. 

3. Lower Costs

With increased visibility, you can easily see extra costs and their sources. Thus, you will be in a better position to save on costs. Further with a centralized system, you can ensure that everything is within budget.

4.Increased Vendor Performance 

You can now easily track the performance of every vendor. With the help of the objective assessments, you will be able to  provide vendors with the actionable feedback that will help them to improve their  quality control standards and  performance .

5. Faster Vendor On-boarding 

With Dock's  vendor management system, it is a breeze to add new vendors. The quicker you can add a new vendor, the quicker you can receive products/services from them. Thus ensuring that there is no productivity slow down.