Vendor Manager automates vendor due diligence, provides a practical framework for deciding which vendors to assess in depth, assesses the risks they present, and monitors their performance.
Defining and managing Service Level Agreements (SLAs) with your vendors is a very important aspect of your Vendor Manger program. An SLA defines the level of service expected by you from a vendor, laying out the metrics by which that service is measured, and the remedies or penalties, if any, should the agreed-on service levels not be achieved. Monitoring SLA takes place after the contractual agreement to meet the client expectations is executed. Having a central location to clearly identify, define and review your SLA is critical to your Vendor Manager program.
Being able to create reports to understand where potential problem areas with your vendor’s service that they are providing is key to a quality vendor manger program. Strunk’s Vendor Manager software has the capabilities to help you manage your vendor’s SLAs and it provides a central repository to track your vendor’s performance to make sure they are meeting your business needs.
Use Strunk’s Vendor Manager to automate a cumbersome process into a well-organized, self-documenting work flow. In addition to tracking the performance against key SLAs, use Vendor Manager to maintain your list of key vendors and associated contracts, to assess the inherent risk presented by each vendor and to complete the annual review of each relationship.