VPort Integrated Vendor Management Platform
VPort is VendEx Solutions’ vendor management portal deployed in Private Cloud Instances unique to each client. Taking inputs directly from Vendor contracts in VKey, VPort instantly deploys information into dashboards, giving vendor managers several reports instantly. VPort also integrates with clients’ Human Resources Systems via employee IDs to ensure services are assigned to the correct cost codes. VendEx Solutions encapsulates the data/vendor management team workflows, providing integrated tools along the way:
Request for Information/Request for Proposal (RFI/RFP)
In VPort, clients leverage the RFI/RFP module to centralize and simplify their processes. Once vendors have been identified to provide a potential solution, VPort provides an integrated RFI/RFP tool that allows financial services firms to conduct information-gathering exercises managed by a single platform through a simplified process:
Vet potential vendors via an RFI/RFP process, with an integrated approval mechanism for ensuring international standards (ISO, cybersecurity, information security, etc.) are met. Negotiate and execute vendor contracts, then track and review their key terms and conditions in VKey while simultaneously reviewing important contract dates and milestones in VPort’s Inventory Management module.
VPort integrates each client’s HR, Finance, and vendor contract data to create a unique organizational map of users, departments, managers, regions, vendors’ products/services licensed and used, cost allocations, and usage rights and limits. This supports a multi-stage communication process incorporating manager requests for product/service access, cost discovery, request approval/rejection, usage permissioning, and department cost allocation. VPort maintains a full audit trail of all requests.
Keep track of the firm’s vendors, products, licensed usage (by individual, department, and firm-wide), and both budgeted and allocated (actual) spend with VPort’s Inventory Management module. VPort’s Calendaring function tracks contract durations, renewals, auto-renewals and other important dates and milestones, and includes a customizable alerting function for notifications of important upcoming events.
Stay in compliance with licensed user limits with VPort’s Treasury function for managing assigned/unassigned product licenses.
Keep other stakeholders informed of vendor usage and spend, and changes in both, via a set of pre-defined reports. Create additional ad hoc business intelligence reports with VPort’s user-extensible report generation module.
VPort facilitates invoice-to-inventory reconciliations with vendors, as well as payment review and approval.
As a related capability to inventory management and reporting, VPort facilitates internal review of vendor inventory, usage (compliance) and spend at the user and business line levels, with potential for reallocation of users and/or services.
Due diligence of current vendor contracts is fully supported by VPort (and enhanced with use of VSource).