Vendor management is a very broad catagory that takes on different definitions depending on what your job entails. To the procurement professional it may include such functions as vendor on-boarding, creating vendor profiles, tracking and enforcing diversity and ongoing vendor administration. To the purchasing department managing RFx’S and PO’s may be at the top of the list. Risk management is concerned with making sure vendor have adequate insurance coverages and the legal team wants to easily manage vendor contracts. On the pay side of the equation vendor management might mean keeping vendor information clean and accurate, resolving payment disputes, or offering visibility into vendor related transactions. To the folks in finance or treasury offering up a supply chain finance or dynamic discounting program to the vendors can be a powerful and strategic vendor management component.
There are so many aspects to vendor management and almost all can be made simpler and more efficient to track and administer with the right tools. But just like there are so many aspects to vendor management, there are many point solutions that address one aspect or another of your vendor management universe but generally do not not communicate or integrate well with other point solutions. The result is many companies resort to expensive customizations of their ERP plaltforms or build ground up systems. ICG’s has taken a modular approach to solving these problems by offering foundational solutions that can be adapted to your business and technical environments easily and inexpensively. And each of these modules is designed to work with the others as well as your existing applications. As you grow your vendor management footprint over time ICG’s offers modules to address each area of the vendor management equation as you are ready to tackle it. Take a look or give us a call to see how ICG’s Vendor Management solutions can benefit your organization.