What Problem Are We Solving?
Brooklyn Vendor Assurance is a SaaS tool laser-focused on SRM.
There are very few dedicated SRM products on the marketplace and as a result businesses typically rely on Contract Lifecycle Management (CLM) or Governance, Risk and Compliance (GRC) tools to meet their SRM needs.
Whilst these tools have their strengths, they're not tailored for SRM and suffer shortcomings.
What does Business As Usual look like?
Your team probably spends the core of its' time on your top 10% of vendors, leaving a long-tail of unmanaged vendors. In addition to this, most of the time spent on these top 10% is focused on the start and end of the contract cycle.
Rightfully so, a huge amount of effort is put into investigating factors such as risk, reliability and quality when setting up a contract. Careful consideration is also used when reviewing payment terms, SLA's and outage recovery times.
However, after all this effort and attention is paid to the contract, it's just left alone. Only when there's an outage, problem, or emergency does the team shift their focus back to it. Whilst this situation may be uncommon across a single contract, across 1000's it becomes an unmanageable exercise of constant fire-fighting.
If this situation is familiar for your team, they will either need more resources (ie-staff) or a system that automates and speeds up the process of mid-cycle contract management.
What gap do we fill?
We tackle "lonely chapter 10" of the Chartered Institute of Procurement and Supply (CIPS) cycle. There are many tools on the market for managing the set up and closure of contracts, but few tackle the mid-cycle stage where the vast majority of spend lies.
Supplier Relationship Management (SRM) is critical for maximising the value of contracts, ensuring that SLA's are fulfilled by the supplier and building a strong relationship to drive down future costs. Without this function, the business leaves itself open to risk from poorly performing suppliers.
Setting up for future business, per an aligned strategy. Partnering to rightsize spend and draw down run costs. Follow through actions. Automated scoring, automated audit trailing. Management reporting throughout.
It is a whole new approach. Entirely designed with the SRM role in mind, and designed to accelerate and increase the business benefit of the SRM function.
What does the future hold?
As SaaS (software as a service) products have exploded in popularity across the last decade, we see that progressively more functions within businesses are being managed using SaaS tools. This trend is set to continue, rightfully so, since SaaS tools often provide an exceptional level of service that would be extremely difficult to recreate in-house for the same price.
As the number of suppliers increases over time, so too does the need to manage them. The risk increases, but so does the opportunity to collaborate and pull ahead in your market. This task is a complex one, the rewards are immense — and the journey will not be efficient or cost effective when managed with tools such as spreadsheets, calendars, document shares, or ERP bolt-ons.
A dedicated, fluid and up-to-date tool is needed to ensure that your current resources can cope with the increased demand.