Open the lines of communication
A VRM solution can open the lines of communication with vendors and help you automate. You can manage vendor records, contracts, documents, and questionnaires with the right software. You’ll gain visibility into who has responded and who hasn’t, and how long the request has been outstanding.
A good VRM software product will also provide various types of questionnaires for your vendor evaluation and due diligence needs.
Your solution can help you process and review when information is submitted through questionnaires. Supporting vendor documentation should be linked to responses. The risk can then be rated based on the responses with a summary view that can be reviewed with subject matter experts and your business owners.
Of course,
none of this can be done if the vendors don’t complete the questionnaires or respond to your inquiries. A powerful VRM solution can handle this by automating the request and receipt functionality. This greatly reduces the frustration of repeatedly reaching out to vendors. And in the event of
contract termination, you’ll have the features and tools you need to document and archive records.