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Vendor Management

Your organization will deal with hundreds and possibly thousands of vendors this year. With the potential for risk with each vendor, a secure and comprehensive vendor management strategy is needed.

Business people help reach deal togetherMilestone Banking Solutions is recognized as the leader in this field with its unique and powerful VMS-Pro vendor management and procurement system built exclusively to meet the needs of the banking industry.

With more than ten years of field use, VMS-Pro has proven it value to our clients. This robust software houses the central database of all vendors’ information, contract documents, insurance documents, invoice history and payment history. Documents that require regular review can be “tagged” for interview at pre-determined intervals as well as many other features that substantially mitigate the chance of errors in important areas such as document storage and retrieval.

With Milestone’s legendary Vendor Management System you will stay in compliance by having all vendor information at hand and the proper procedures in process when the regulatory authorities visit.

Some of the ways that our vendor management solutions can help you now

  • Attend meetings with clients to identify goals and scope
  • Read, evaluate, form and ask questions on vendor proposals
  • Respond to and assist with ongoing vendor inquiries and issues
  • Provide documented opinions on vendor proposals
  • Fill the role of liaison between your prospective or current vendors
  • Review and negotiate contracts and documents
  • Initiate and control the vendor evaluation process

Methodology

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With Milestone Banking Solutions legendary VMS-Pro Vendor Management System as an asset to your business you will benefit from:

  • Streamlined requisition approval workflow
  • Reduced time-to-fill cycle times
  • Bill rate standardization / management
  • Optimization of supplier base
  • Consolidated invoicing
  • Improved security and asset management
  • Availability of vendor performance metrics
  • Visibility and cost control over maverick spend
  • 10-20% reduction in contingent labor spend

Do you have a documented vendor management process?

Guard your organization against risk and non-compliance. Milestone will help you:

  • Develop a due diligence process focused on the qualification of new vendors
  • Implement an ongoing review strategy to ensure that your vendors remain compliant throughout the duration of their contracts/agreements.
  • Retire old spreadsheets and utilize our cloud based solution for storage and retrieval of vendor contracts, agreements, revisions, archives and more.
  • Utilize the robust reporting capabilities to push information to all groups in your organization.
  • Be fully prepared for audit reviews with extensive data mining and reporting capabilities.
  • Easily satisfy expense management and performance reporting requests.