June 2020 Product Updates

June 2020 Product Updates

Another month in the books and a lot more features and improvements. We want to keep you informed, but not bore you to tears so the following list is a brief summary of some of the more significant changes. While we do sweat the small stuff in our product, we want to keep the focus on some of the bigger picture items.

Legal Entities

When you’re managing suppliers, sometimes the name of the company is insufficiently precise. There are global companies that have legal entities all over the world. Imagine your organization works with Looney Tunes’ Acme, Inc. (Note: there is talk that they are considering discontinuing the production and sale of anvils.) Your Japanese office works with ACME Japan. Your French office is engaged with ACME France, etc. Now you can tie the relationship to a specific legal entity in Vendorful’s Vendor Management module and have all the entities roll up into a parent company.

Legal Entities under a Company

To be clear, legal entities is a naming convention we use rather than a prescriptive way to use the feature. So if you work with an organization that provides various unrelated services or products and you wanted to treat each as a different entity that rolls up to the parent, you can do that.

Contract Tagging and Filtering by Business Unit

Every organization has a large number of contracts, and it can become a bit of a challenge for people to focus on the particular contracts that are relevant to their role at the company. To help with that, we added Business Unit tagging to contracts. This allows you to have more granular control over contract classification and the ability to exclude contracts from a user’s view that don’t belong to their particular Business Unit.

Granular Scorecard Weighting

We now offer more scorecard customization at the survey level by allowing you to set survey questions as “optional” (vs. “required”). This will help you ensure that users responding to performance surveys don’t accidentally miss the key data your organization requires for evaluations, while also allowing them to skip questions that they aren’t in a position to answer meaningfully.

Misc Improvements

Importing spend data is now dramatically faster than it was before. So don’t be afraid of importing loads of transactions – we’ll process them in a blink of an eye.

We also added more information to individual user records. Now, organizations can specify a user’s supervisor. The initial use case for this is for the Sourcing Pipeline where administrators will be able to see, for example, the savings performance of a manager’s entire team. Moving forward, it will provide other opportunities to visualize and roll up data in reports

Set up a user's supervisor

A Teaser

If you work in procurement, then you almost certainly spend significant time in Excel. This past month we’ve laid the foundation that will allow Vendorful to leverage your Excel expertise while still allowing you to take advantage of the simplicity an automation of our application.

Want to check out these new features in action? Sign up for a Vendorful demo.

Did you know we publish new product updates every month? Catch up on our most recent releases:

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