Prudent VMS Plus is an end-to-end vendor management suite covering all aspects of vendor management. It is a growing challenge across all industries to manage the vendors and most importantly all the paper work of contract management with series of back and forth before finalising the contract.
Prudent VMS Plus is a cloud based product, which means you do not need to worry about the hosting, data back-ups, security and product upgrades, so you can concentrate on your line of business without any hassle.
Our approach to vendor management solves problems that you face when working with
Multiple vendor across variety of services
Each vendor supplies products and services out of which few are critical to your business
Each vendor has multiple contracts
You want to conduct due diligence and renew the vendors on an annual basis to have a healthy and transparent vendor management process in place
You want to invite preferred vendors and manage the complete process online
You want a complete paper-less system in place when it comes to vendor management
You want a collaborative environment, Electronic Data Interchange (EDI) format for interactions with your vendors.
Dashboard & Analytics Driven Report Gallery
Comprehensive reporting module with ready-to-view key attributes. Driving indicators to see the complete enterprise workflow on certain key parameters, which eventually showcases simplicity from the end user point of view so as to communicate effectively to the vendor in case of compliance gaps. You will be able to see the complete mechanism of workflow starting from initiation of the registration to contracts to monitor the processing time and enhance the lead-time of internal approval mechanism to complete the tasks. You can export, print and send reports through email.
Security & Data Privacy
Prudent VMS Plus is highly secured in terms of the security aspect as the product itself. It is designed with application and user level encryption and authentication to make the data completely secured. This product is also intuitive enough to get the workflow level security in place. This means that if there are multiple approvers, the documents and other key information are visible to the allotted approver (rights access management) in the workflow and until, it is re-allocated by system to another approver at a different level, this is not going to land in the workflow framework for the 2nd approver.
Vendor Registration & Due Diligence
You send a centralized repository of all vendors across business units through the registration mechanism where there is flexibility for the vendors to register by themselves or an invitation through your account. As part of the registration, the vendor has capabilities to upload scanned documents into the system as per statutory compliances. Collect all information and documentation during the on-boarding process from the vendors. Allow vendors to respond to all your queries through the application and to be able to have a complete workflow of communication between them and your procurement team.
Vendor Approval Mechanism
Prudent VMS Plus has a solid intuitive workflow designed in the backend system that allows allocation of multiple layers of approval processes through rights access management within your company that assigns certain responsibilities and accountabilities depending on the area of expertise. During the process of multi-layer approval mechanism, the approver can co-ordinate directly with the vendor to provide more information, attach additional documents or reject the vendor at that level. The approval mechanism is completely integrated with your email exchange server for auto notifications and alerts.
Vendor Audit Process Flow
Think of a situation where you want to audit the vendor prior to confirmation to sync with your procurement policy from compliance point of view, Prudent VMS Plus is capable of setting up auditor accounts in the system and assign workflow to the auditors in alignment with the vendor schedule. You can manage multiple audits for one vendor or multiple vendors for a particular audit. The auditor can use the responsive UI of Prudent VMS Plus on a tablet to fill out the questionnaire and publish the report online based on which you can take the final decision of approving or rejecting a vendor before making a formal sign-off to the vendor.
Vendor Contract Management
Prudent VMS Plus is integrated with a truly interactive and completely paper-less contract management module through which you can track all the changes being done during the contract review and negotiation stage. You can assign responsibilities to different people from compliance, financial and operational aspect of the contract. Similarly, you can assign the reviewed contract to the vendor for their review and comments. Once all the reviews are done, with one-click, the contract will accept all the changes and you can either digitally sign or take a print and physically get it executed from both sides. The system also stores a copy of the contract with all the changes along with an audit log by user and date stamp for any future issues related to the vendor and contract.
Centralize the vendor enrollment program starting from registration to placing order
Justify the auditors and regulatory bodies about the process driven approach of fair practice in your ways of working
Proactively system triggered notifications for renewals and expiry of contracts
Intuitive dashboard and analytic driven report gallery for smart business decisions
Complete automation of vendor management – a truly paperless initiative
A collaborative environment, Electronic Data Interchange (EDI) format for interactions with your vendors.
Searching and categorization of vendors based on your global business need
Have a formal system efficient and capable to handle reviews, documentations and notify business users for supervisory and approval tasks
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