| Virinchi Vendor Management |
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Maverick spending / procurement could affect the bottom-line of an organization adversely and also result in spending larger amounts for the same products each time than budgeted for. In an endeavor to streamline the procurement process and identifying preferred vendors for a product / service, the Enterprise Enabler facilitates organizations to manage relationships with vendors by categorizing suppliers/vendors as Provisional, Selected or Preferred vendors and enables signing of Frame Agreements between buyers and identified preferred suppliers. The frame agreement ensures the best price for the product & ensures benefits to the buying organization over a period of time.
Vendor Management is further linked with the RFQ module, wherein RFQ’s can be sent directly to some/all suppliers based on the list of preferred suppliers.
| Functionality and Features |
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The Vendor Management module enables users (buyers) to conduct Vendor Discovery process, Manage vendors during the process of transactions and evaluate them on their performance based on benchmarks set by the Buyer.
The functionality of Vendor Management system are as follows:
| Vendor Discovery |
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- Authorized user can select registered suppliers with a invitation and prequalification documents
- Suppliers invited for Pre-Qualification can send in response for the documents
- Responses are evaluated and then suppliers are made a Pre-Qualified
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| Vendor Management |
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- Maintain different lists of suppliers for e.g. Provisional, Selected, and Preferred
- Invite select vendors to take part in the procurement process
- Structure and enter into frame agreements/ rate contracts with preferred suppliers
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| Vendor Performance Evaluation |
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- Create vendor grading system (currently 3 grades) and enforce them on suppliers
- Upgrade them from Provisional to Selected to Preferred level
| Vendor Discovery |
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- The buyer/ user adds provisional suppliers from the suppliers registered on the Enterprise Enabler and maintain the list.
- The user searches for vendors based on various search criteria
- UNSPSC code
- Supplier Name
- Supplier Code
- Country, State and City of operation
- Based on the search criteria, list of registered suppliers satisfying the criteria is generated
- The user adds suppliers from the retrieved list as provisional suppliers.
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| Pre-requisite |
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- Suppliers should be registered on the platform.
- UUser shall vet the briefing note with comments and sent the same for evaluation to the committee along with specified parameters of evaluation
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| Vendor Management |
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- Frame agreement/ Rate contracts can be created as per negotiations with supplier. This frame agreement is an attached document along with the following details.
- Frame Agreement number
- Date of Agreement
- Supplier Code
- List of operative Units
- Validity period of the document
- Discount terms at the commodity levels that need to be offered by the supplier.
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Products & Solutions...
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