Vendor Management
Understanding your business’ dependency on vendors is an important part of managing risk and is appropriate business continuity management where events affecting vendors may impact critical business operations.
The Factonomy BCM vendor management solution will enable you to profile vendors using all of the same web-based data capture, business rules and policy control that can be applied to internal business processes. By recording dependencies between internal business functions and the vendors that supply them it is possible to roll up an understanding of key dependencies and move to mitigate risk through better understanding.
Vendors can easily be ranked by the system through analysis of the dependencies, and relationship management can be put in place where deemed appropriate.
The module includes an ability to create and manage web-based wizards to capture information directly from selected vendors and to monitor their continued compliance with business rules.
Vital records relating to service level agreements, contact information and activation sequences can be stored against critical vendors and automatically included in the BCM plans of business units that use them.
Dependency maps and heat spot visualizations can be made available to senior managers to identify chains of dependency between business units and vendors or, critically, interdependencies between vendors in the same supply chain.
Benefits include:
- Centralize critical vendor data;
- Use web-based systems to capture vendor assessments;
- Roll-up vendor risk reporting to senior management;
- View critical dependencies.
