When it comes to managing your vendors, your excel spreadsheet isn’t cutting it like it used too. As credit unions acquire more vendors, upgrading to electronic vendor management portals is becoming a solution.
Cheryl Turner, Contracts Administrator at Baxter Credit Union, was asked in an interview with Erik Payne at CreditUnions.com how many vendor relationships does the credit union currently manage? She responded with, “This year’s annual review consisted of 118 Third-Party service providers.” She specified, “A big challenge to BCU’s management process was how to seamlessly integrate each piece in the review process.” Electronic vendor management portal was the seamless solution. Similar to VendorSolutions.org, the technology enabled her to increase her productivity by 50%.
BCU wasn’t the only one who needed to redesign the way they interacted with their vendors. According to Marc Rapport at CreditUnions.com, Mazuma Credit Union also changed how they handled their vendors. Mazuma works with roughly 120 different vendors ranging from lawn care to card processing. Christian Marcussen, Chief Information Officer at Mazuma claimed, “As we grow in size and complexity we can’t have the right hand not knowing what left hand is doing.” Converting to an electronic vendor management portal has helped Mazuma keep track of both hands as the credit union grows.
So why switch to software such as VendorSolutions.org? You can save time and money, while sparing yourself a couple of headaches. VendorSolutions.org provides you with a Dashboard, Vendor Tabs, Automated Risk Management, Alerts and Notices, Wide Range of Reports, and a Shared Vendor Repository. These tools will allow you to manage your vendors by setting alerts or notices for when paperwork is needed or missing, it will alert you and your vendor via email. Helping you stay ahead! With software such as this, using VendorSolutions.org is a no brainer!
Stay tuned for a full How-To guide on using VendorSolutions.org next week!
