Quick Demo: Vendor Management Software
Learn how Onspring puts you in control of vendor profiles, risk evaluation, issue management, contract review and reporting.
Video Transcript: Vendor Management Software Demo
Welcome to Onspring! I’m Katie Wilcox, and today, I’ll show you a modern, flexible solution for managing vendor relationships. Onspring helps you stay organized, work efficiently, monitor key vendor metrics, and gain control of third-party risk.
In this brief demo, you’ll see:
- How cloud-based software can help you improve visibility and enforce data integrity
- How you can engage vendors and relationship owners to track requirements, performance and issues
- How you can manage the contract review process from end-to-end
- And how you can report clearly, accurately and instantly in multiple formats
If this short video captures your attention, I invite you to take a closer look. Connect with us at Onspring.com, and we’ll be happy to provide a personal demo of our Vendor Management solution. But for now, let’s jump into Onspring.
A few things you should know:
- Onspring is a no-code platform for process automation, workflow, collaboration and reporting. That means it’s fully configurable with no custom code.
- Our solutions adapt to your needs. Because Onspring is flexible, you can modify any data element through a drag-and-drop interface. With Onspring, you’re in control.
- Onspring is designed for teams of all sizes, whether you have 5 users or 5,000. Each user can log in to see their individual tasks and action items, while management gets the big-picture view they need.
As you can see, Onspring provides an intuitive user interface for tracking vendors by risk rating, status, open issues, criticality to your business, overall spend and more.
Let’s dive into a vendor profile. This record captures a variety of data points, including the vendor name, status, type, relationship owner and description of services. As we scroll down, you’ll see that this vendor relates to a parent company and subsidiaries, also managed in Onspring. And here, the vendor criticality is documented by spend, access to confidential information and length of term.
We can also capture contact information for the vendor’s staff, making this information easily accessible for your team. Additionally, we can tie this vendor profile to specific products and services. This is particularly helpful for vendors that support your organization in multiple ways. All of the vendor elements you see are fully configurable to your needs. For example, if you don’t track vendor products and services at a detailed level, you can remove this field altogether.
Now, let’s look at vendor risk assessments in Onspring. We provide survey functionality that allows you to send assessments to internal or external recipients. If needed, vendors can delegate an entire assessment or certain pages of an assessment to other members of their organization. So, for example, if the vendor needs to delegate questions to their Information Security, Privacy or Legal teams, they can easily accomplish this.
Once a vendor submits their assessment, you have a full record of their responses in Onspring, and you can score and rate their responses, according to your methodology. You can also set the next assessment date automatically so it doesn’t fall through the cracks. This same assessment functionality can be used to survey relationship owners within your organization to monitor vendor performance and satisfaction. From these surveys, you can auto-generate vendor scorecards on a frequency you choose.
Now, let’s look at vendor issue management within Onspring. Notice that we can define the owner who is responsible for resolving the issue. Scrolling down to the Response section, the owner can document a simple response or a detailed mitigation plan. And finally, we can track the results and send automated reminders to issue owners and their managers. This is crucial for holding vendors accountable for issue resolution.
In addition to vendor risk assessment and issue management, you can also track the contract review process in Onspring. Let’s take a look at the Vendor Contracts dashboard. Here, you have a real-time view of contracts by type, status, expiration, spend, and other factors that are important to your business. You can easily adapt this dashboard to your needs through drag-and-drop configuration.
Within each contract record, you can track a variety of data elements, including:
- Related vendor
- Effective and expiration dates
- Legal clauses
- And Attachments
Onspring also provides workflow functionality that allows you to route contracts through a formal review process. This helps to ensure data integrity and appropriate levels of approval.
The last item I want to show you today is our reporting capability within Onspring. We offer two flavors of reporting:
- Real-time reports that you can view in Onspring from your computer, tablet or smartphone
- And dynamic documents that you can generate in Word or PDF format. These documents can include content from multiple Onspring apps, including Vendors, Contracts, Issues and more.
Thanks for your time, and please reach out with any questions.