Vendor Management – Analytics & Dashboard
Analytics and dashboard feature in vendor management software enables the organization users to visualize business health and gain valuable insights into their vendor management activities. This enables buyer organization to see vendor data pulled from vendor records at a glance without having to search records individually. The following are some of the ways analytics and dashboard functionality can be used in vendor management software:
Overall, analytics and dashboard functionality are powerful tools helps organizations optimize their vendor relationships and drive better results. This visual representation of this data, making it easier to interpret and act upon. Also reduces the risk of errors associated with manual data entry and analysis.
Vendor performance tracking
Helps user to track key performance indicators (KPIs) related to vendor performance, such as delivery times, quality scores, and compliance with contractual terms. This enables organizations to identify trends, patterns, and areas for improvement in their vendor management activities.
Spend analysis
Helps track and analyze vendor spend over time, including expenditures by category, department, or business unit. This helps organizations to identify cost savings opportunities and make more informed purchasing decisions.
Risk management
Helps user to track and analyze vendor risk factors, such as financial stability, reputation, and compliance history. This enables organizations to proactively manage vendor-related risks and take corrective action as needed.
Contract management
Helps user to track and monitor vendor contracts, including key dates, renewal terms, and compliance with contractual terms. This helps organizations to ensure that their vendors are meeting their contractual obligations and avoid potential legal or financial risks.
Executive reporting
Dashboard functionality can be used to provide real-time, customized reports to senior executives, enabling them to quickly and easily assess vendor performance, risk, and spend.
