CobbleStone Vendor Management Software Provides Full Vendor Oversight

02/19/21

CobbleStone Vendor Management Software offers full vendor oversight.

Manual and disparate vendor management methods - such as those involving phone calls, emails, paper-based filing systems, and spreadsheets can prove challenging and error-prone.  Without the aid of a centralized, web-enabled process, vendor management workflow delays can stall productivity.  Thankfully, future-minded vendor management software can positively transform your process with end-to-end vendor oversight.  Read on to discover user-friendly, comprehensive, and unified vendor oversight from start to finish with CobbleStone Vendor Management Software.

Why Do I Need Vendor Management Software?

You - working in vendor management - bear significant responsibility within your organization.  From communicating with potential vendors to maintaining post-award contract compliance - and everything in between - you have a lot on your shoulders.

Without the help of a unified and efficient electronic vendor management software solution, you can fall victim to harmful vendor management bottlenecks that can breed miscommunication, missed tasks and key dates, unnecessary vendor risk, and a decreased bottom line for your organization.

To avoid such costly and damaging hindrances, you can trust CobbleStone Vendor Management Software to:

  • expedite vendor collaboration and vendor registration.
  • supercharge vendor risk assessment and vendor risk management.
  • maximize vendor transparency and vendor tracking (including vendor COI tracking).
  • integrate your vendor management software process with contract management software and e-sourcing software processes.
  • and much more.

Expedite Vendor Collaboration & Vendor Registration

Your vendor request processes can be interrupted by lengthy phone hold periods, slow email response times, and other manual vendor management bottlenecks.  You cannot waste time and resources dealing with such obstacles - especially when assembling crucial information to optimize vendor collaboration security.

Luckily, you can utilize leading-edge vendor management software to significantly streamline vendor requests, vendor collaboration, and vendor registration.

CobbleStone Vendor Management Software allows for third-party vendor collaboration on a vendor collaboration portal that unifies RFPs, RFQs, RFIs, bid advertisement, configurable vendor response ratings and scorecards, bid awards, bid communications with the ability to attach nearly unlimited documents, and more.  Unification with CobbleStone's eSourcing software allows you to review and approve sourcing requisitions in accordance with a rules-based sentiment.  You can award and communicate with vendors via seamlessly integrated email with CobbleStone's MS Outlook Plugin.

CobbleStone Vendor Management Software can drastically expedite vendor registration, as you can simply and quickly share a link with vendors to easily fill out key information within their system vendor record - saving precious time and resources.  Should the need arise for a contract to be written, negotiated, signed, and tracked, CobbleStone Vendor Management Software records can be seamlessly integrated with contract management software records.

Integrate Vendor Management & Contract Lifecycle Management

The lack of unification between vendor management software processes and subsequent post-award contract management processes can leave you frustrated with a decentralized method - potentially on different systems and with drastically different and asynchronous workflow procedures.  This lack of process unity can plague vendor management with stakeholder miscommunications and purchasing delays.

Fortunately, CobbleStone Vendor Management Software seamlessly integrates with CobbleStone contract management software for contract creation directly from a vendor record.  This user-friendly process within CobbleStone's acclaimed source-to-contract management software suite - Contract Insight® - can streamline vendor contract lifecycle management.  The full CLM process - from requests to renewals - can be conveniently integrated within a vendor record – including speedy approvals and rapid eSignatures.  View the video below to learn how CobbleStone Software ’s proprietary electronic signature software engine - IntelliSign® - can streamline your vendor management software signing processes.

 

With contract lifecycle management integration, you can virtually ensure that vendors and assets comply with your agreed-upon expectations - including budget parameters - until your vendor contract requires contract renewal.  In this case CobbleStone Software can notify necessary stakeholders and CobbleStone's proprietary VISDOM® AI artificial intelligence engine can support contract renewal improvement areas with detailed reporting for increased ROI.

Revitalize Vendor Risk Assessment & Vendor Risk Management

Bringing together key vendor data from a number of different locations - including paper-based files and spreadsheets - can delay your vendor risk assessment and vendor risk management processes.  Without an easy and sensible way to centralize vendor information, you leave your organization exposed to unwarranted vendor-related risk and overlook vital vendor compliance standards.

Lucky for you, a comprehensive vendor management dashboard can give your organization a holistic view of critical vendor data - including key dates and risk assessment information concerning regulatory and vendor management compliance standards.  CobbleStone Vendor Management Software offers enhanced risk visualization - affording your CobbleStone system admins the ability to configure initial and automated, scheduled checks of vendors against the Office of Foreign Asset Control’s (OFAC) national sanctions list and national compliance standards with integrated OFAC search functionality.

Other types of detrimental risk and risk exposure can be easily and thoroughly managed with the aid of VISDOM, CobbleStone Software’s industry-leading contract intelligence engine with machine learning.  Learn more about VISDOM by watching the video below.

 

Vendors - as well as prospective vendors - can be assessed and regularly updated with a risk score in real-time.  CobbleStone Vendor Management Software makes OFAC search easy and efficient by running automated risk and compliance checks while allowing you to make more informed and success-driving decisions when working with prospective vendors.

CobbleStone Software OFAC integration provides valuable vendor risk management data.

Increase Vendor Transparency & Optimize Vendor Tracking

When relying on antiquated processes to track vendors with methods such as spreadsheets and non-trackable communications, you can incur increased risk of human error.  When managing various vendors with ranging contracts, COIs, DBE certifications, and other pertinent documents, you cannot afford to place your organization at risk due to inadvertent compliance violation.

Fortunately, CobbleStone’s vendor management software suite can track impending expirations for COIs, DBE certifications, contracts, and other documents.  To track vendors and important key dates, vendor managers can receive automated notifications to effectively communicate with stakeholders in a timely fashion.

If you need to increase supplier diversity, CobbleStone Vendor Management Software can trigger notifications to necessary internal stakeholders to ensure approaching diversity certifications, including DBEs, are renewed upon or before their expiration dates.

Vendor management software can make COI tracking (Certificate of Insurance tracking) essentially effortless.  Rather than wasting time manually sifting through vendor records for Certificate of Insurance expiration dates, CobbleStone Vendor Management Software proffers COI tracking and automated alerts, including via email, to necessary internal stakeholders – reducing organizational risk and virtually ensuring vendor compliance accountability.

Data within vendor records may be reported on, displayed in executive graphical dashboards, and exported into spreadsheet formats – for increased vendor tracking and transparency.  With such low friction and seamlessly integrated functionalities, CobbleStone Software can grant you unparalleled vendor oversight – leaving you with more time to focus on your vendor management strategy.

Transform Vendor Processes With CobbleStone Vendor Management Software

Avoid needless tedium, missed key dates, missed opportunities, and increased risk by shaping your vendor management processes with a comprehensive and user-friendly vendor management software solution.  Full vendor management oversight with integrated vendor software begins with CobbleStone Vendor Management Software.

CobbleStone’s long-trusted, award-winning, acclaimed, fully integrated, web-enabled vendor management software maximizes vendor oversight with heightened governance, reduced friction, scalability, and high flexibility for both stand-alone vendor management and integrated source-to-contract lifecycle management.  CobbleStone Software has been a visionary in vendor management and contract management software since the mid-1990s - and has never stopped innovating since.  CobbleStone’s user-friendly, low-friction, highly robust, and scalable solution seamlessly integrates with myriad mission-critical applications for seamless and unified vendor management, supply chain contract management, and much more.  CobbleStone Vendor Management Software is also SOC 1 and SOC 2 compliant to support highly secure vendor management processes.

Discover why thousands of vendor managers, contract managers, and other leading industry professionals from a variety of industries trust CobbleStone Software with their vendor management needs.  To learn more about CobbleStone’s unparalleled vendor software, book your free demo with a CobbleStone Software expert today!

To stay up to date on best practices, industry news, and CobbleStone Software updates, be sure to subscribe to our blog and YouTube Channel.

Are you looking to evaluate leading contract management software solutions for the future of contract management?  Read our blog – 6 Critical Contract Management Tools for 2021 – to discover the best contemporary tools for future-minded, automated, low-friction, and user-friendly contract management.

Download Mastering Contract Management Whitepaper by CobbleStone

Sean Heck

Written by Sean Heck

Sean Heck is Content Marketing Team Lead at CobbleStone Software

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