Supplier Risk and Compliance

A typical company will have at least as many suppliers as employees. And those suppliers may be spread across various business units, geographies, and data silos. In fact, it is likely that every single person at an organization will be impacted by a third-party provider in some regard. This is why it’s critical to ensure that the supply base is compliant and that risk is well defined and mitigated. But data management is a considerable challenge; across enterprises, 41% of data is stale (untouched over 3 years) and another 12% of data is ancient (unmodified over 7 years).

Supplier Compliance and Risk

Benefits of Supplier Compliance and Risk Reduction

Improved Data Quality

A data compliance program can help to improve data quality by ensuring that suppliers provide accurate and up-to-date data.

Reduced Risk

By implementing a data compliance program, organizations reduce risk by identifying and addressing potential compliance issues before they become a problem.

Increased Data Security

Keeping on top of supplier data can improve data security by ensuring that suppliers comply with data security regulations.

Vendorful helps organizations keep supplier data fresh

  • Key Data: Supplier data that you deem important is configured and tracked.
  • Self Service: Self-serve portal for supplier onboarding with API support to push/pull data from other systems.
  • Refresh: Expiration management and automated prompts for data updates.
  • Robust Filtering: Search, sort, and filter to identify suppliers who meet defined criteria.

Want to learn more?

Vendorful's robust sourcing and supplier relationship management capabilities can be evaluated via videos, point-and-click walkthroughs, and live demo. So whether you prefer to take a look on your own or would like someone from the Vendorful team to give you a tour, the ball is in your court. Simply click one of the buttons below.

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