ITM Software :: Solutions > Vendor Performance

	Vendor Relationship Mgmnt.
	Financial Resource Mgmnt.
	Human Capital Management
	ITM Foundation

Vendor Management for
Banks - Beyond Compliance

The study, conducted by Factpoint Group, reports results on the value of vendor management to banks.

Download the ITM CIO Success Guide chapter that discusses the value of vendor consolidation and strategies for successfully addressing the consolidation opportunity.

Drive Down Vendor Costs while Improving Performance

IT organizations spend upwards of 60% of their budgets on outside vendors. Do you have the visibility and control required to make the right vendor decisions and maximize vendor value?

Today, IT organizations recognize the impact that sound vendor management has on corporate strategy and the bottom line. Many have responded by creating a vendor management office (VMO) within their IT organizations dedicated to vendor management processes and policies. ITM Software has developed a vendor management solution specifically tailored to IT that helps progressive organizations proactively manage vendors to extract the greatest value while reducing vendor spend.

The ITM Vendor Management solution allows you to:

Create a repository for vendor contracts and SLA requirements.
Automate contract tracking with renewal and violation alerts.
See the relationships between each vendor and the business processes they support.
Scorecard vendors both in the selection process and during their ongoing performance.
Negotiate vendor contracts from a position of power.

The ITM Vendor Management solution improves vendor performance, facilitates vendor consolidation, and delivers cost savings and risk reduction.

Vendor Performance Improvement

Are your vendors living up to their service level agreements? How is one vendor performing as compared to another? The ITM Vendor Management solution creates a readily accessible central repository for vendor contracts and SLA information. Vendor performance scorecarding allows you to rate vendor performance against the criteria that is most important to you or to the particular project at hand. Vendor performance information puts you in a position of power during vendor negotiations and facilitates better vendor decisions.

Vendor Contract Savings

Reduce costs by avoiding out of contract penalties, redundant coverage and missed discount opportunities. ITM's automated contract tracking and alerts keep you one step ahead of your vendors and enable you to proactively manage contract renewals and terms.

Vendor Consolidation Savings

Do you have overlap between your support contracts? Are you paying to support applications or hardware that is no longer critical to the business? How many vendors do you have supporting a particular initiative? Is one performing more efficiently than the others? The ITM Vendor Management solution lets you quickly identify redundancies in vendor services and efficiently evaluate and compare vendor cost and performance giving you the ability to capitalize on vendor consolidation and cost reduction opportunities.

Vendor Risk Reduction

What business processes does a particular vendor support? What would happen if you suddenly lost a key vendor? What is your risk exposure to any particular vendor? Having the ability to quickly see the relationships between vendors, projects, applications, and business processes allows you to effectively answer these questions. You no longer have to rely on keeping your fingers crossed when making vendor decisions. The ITM vendor management solution gives you the ability to see a vendors impact on your business and proactively manage vendor risk exposure.

Taking the Next Step

If vendors consume significant resources in your organization or play a strategic role, the ITM Software vendor optimization solution will deliver value to you. Call us to learn how we can help you improve vendor performance, reduce vendor spend, and lower vendor risk.