Vendor Contract Management Service
Organizations face increasing pressure to manage spending in order to maximize efficiency and profitability. Monitoring vendor expenses against the allotted budget provides management up to date information to detect areas that need fiscal control. Maximizing vendor value by consolidation and standardization of various vendor processes substantially decrease vendor expenses.
SPI maintains a competent offshore team dedicated to tracking vendor process time and expenses. Periodic alerts are sent to the designated person within the organization should the project go beyond the approved time and budget.
The spiProject® tool provides an interface for TVMS customers to capture projected expenses for resources (by specifying timelines of engagement and projected billing rates). This helps build a “budgeted” expense amount for the project’s resource requirements. During project execution, vendor consultants use spiProject® to record time, this in conjunction with the actual billing rates (also recorded in the tool) provides actual resource costs thus providing a framework to perform real-time analysis of accrued expenses versus budget. Similar analysis may be performed for infrastructure expenses as well as T&E using spiProject®.
The various Vendor Contract Management services include :
- Creating a centralized repository for Vendor Contracts, Statements of Works (SOWs) and Service Level Agreements (SLA)
- Implement contract tracking and renewal alerts
- Periodically monitor vendor performance from a fiscal perspective against their respective contracts
- Develop scorecards to access individual vendor performance in managing budgets
- Track vendor spending against the authorized budget
- Provide for detail analysis of budget variance
TVMS utilizes spiProject® as a repository of Vendor SOWs and Contracts
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