When you’ve finally come to the realization that you need a Vendor Management System (VMS) or are ready to upgrade to a more flexible option, you may be a little timid to ask the necessary questions to get what you need. Or maybe you’re not even sure what you should be asking! This isn’t meant to be a quickie decision; it’s destined to be the beginning of a long-term relationship, so get all of those questions in up front.
As with any great relationship, finding the perfect VMS starts with good communication. Here are some questions we find many prospective clients ask us about Smart Track, as well as a few questions that they should consider asking us. So here’s everything you always wanted to know about VMS but were afraid to ask…
How does a VMS help me manage my organization’s compliance requirements?
A VMS can help you with a variety of compliance issues including:
How easily can I access my data?
You can access your data instantly through our cloud-based portal. Additionally, you get:
Will I have full ownership of my data?
How long does it take to implement a VMS?
This is always a tricky question to answer. Each program varies due to various components, customizations and integrations, but DCR has a team of Subject Matter Experts (SMEs) who lead the implementation from beginning to end and operate within the parameters of the Agile Methodology, making the implementation as smooth as possible. DCR provides our clients with:
Will I get the same software as everybody does?
What are the benefits of a VMS if I manage my program in-house?
Will my suppliers leave if I implement a VMS?
What is the supplier-funded model?
What are the benefits of a VMS to my current suppliers?
How does a VMS help me streamline the supplier payment process?
Can a VMS like Smart Track support integrations? Is there a limit on which and how many systems it integrates with?
Does Smart Track have a built-in timekeeping service if we don’t have one to integrate with?
And of course, the most intimate of questions: “What will it cost me?”
We wish we could give you a pat answer of “x” dollars. We don’t like to beat around the bush, but the cost of a VMS is like the cost of a wedding – the more items you add and the more upgrades you require, the more the expenditures add up. The answer boils down to this: The cost of implementing Smart Track is going to be model-dependent, but DCR will bear the entire administrative cost of the program and we also bear most of the implementation cost – which depends on the number of integrations required, customization factors and other items on a more personal level.
The most important consideration is really: How much will implementing Smart Track SAVE us over the course of a year, two years, 10 years? And with our incredibly precise data, we’ll be able to tell you that and much more that you aren’t seeing now with either no system or an outdated system.
OK, so it’s still probably not “everything” you wanted to know because you still may have questions that are specific to your industry, so if you have further questions, just post in the comments and we’ll be happy to answer you!
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