In today's global economy, vendors, partners and third parties play a critical role in the success of a business. The use of third parties in businesses has become a modern tactic for gaining an advantage; it also introduces significant risks. To minimize this risk, there needs to be a well-defined, impartial and comprehensive partner onboarding and evaluation process.
CENTRL's Vendor360 removes the cumbersome Excel and Word files wrapped in a multitude of your vendors' individual emails. It allows you to create a standardized vendor onboarding process. Once you have cemented a relationship with your vendor, CENTRL allows you to share documents with the capability to monitor and report on the vendor's performance. Once implemented, you can get a 360-degree view of all your vendors in one easy-to-use, affordable platform. You also have the capability to evaluate, monitor and report on a specific vendor, a category of vendors or all of your vendors. Vendor360 can be used for vendors, partners and third parties and any combination of these providers.
Some of Vendor360's capabilities include:
Document requests and sharing
You can create a checklist of documents that you want collected from every new (or existing) vendor. Some examples of standard and frequently used checklists are:
Track and share (internally and externally) all documents across all of your vendors in a central place.
You can upload your onboarding questionnaire or use an industry standard template provided within the platform. Once you decide on a questionnaire or required documents, it's easy to publish your questionnaire to multiple vendors, partners or third parties (in a self-service manner) and share their results internally or even assign them to an external subject matter expert.
Evaluate and assess risk
Evaluating and grading your vendor questionnaire responses is now easy and uniform, facilitating a standardized view of any or all of your vendors (or potential vendors). auto-evaluation feature automatically evaluates standard responses to further streamline the process.
Evaluate and assimilate new partners, vendors and third parties with CENTRL's Vendor360 onboarding process: It's the better way.