Improved Spend Capture
Some people don't realize that Vendorful's Vendor Management module supports spend capture. Historically, we've shown spend-to-date as well as historical spend by year. Last month, we added the ability to tag spend. By tagging spend data as it comes into Vendorful, you can slice and dice it in your analysis. There are no strict limitations on the tagging either so you can do this in such a way that you can conduct analysis across different dimensions. Imagine, for example, that you have multiple contracts for multiple products/services with a supplier. You could tag the spend data with the relevant contract name and the name of the relevant product/service. Want to take things a step further? Add a tag for the department or business unit that is using the product/service. You can then group spend data along any of these dimensions.
We've added a handy dashboard widget that shows a breakdown of spend by tag.
Lest you think that's all of the changes we made to the Strategic Sourcing module, however, we're delighted to bring you more.
Manage Those Users!
Whether you're leveraging our SSO integrations or not, odds are that there are an increasing number of users from your organization who use Vendorful. This shouldn't be a surprise -- we built the product with collaboration in mind. Stakeholders who might never have touched a traditional e-Procurement enterprise solution regularly find themselves using Vendorful, weighing in on RFPs.
Managing this growing group of users can be challenging, which is why we rolled out two enhancements. First, we did a UI overhaul of the users page, making better use of space, displaying more information, and adding search functionality.
With organizations on both the buying and selling side adding more users all the time, managing permissions was starting to become time-consuming for organizational admins. Our solution: User Groups. Now you can create a group, specify which permissions apply to it and add users to it. If you change the permissions that apply to the group, those changes are automatically applied to all of the users in that group. Users can belong to more than one group, allowing for tons of flexibility. In addition, default groups -- on both the buyer side and seller side -- can be configured so newly-added users automatically get the right permissions.
Vendor Management Lite
Organizations use Vendorful in a variety of ways. Some use it to address a broad array of needs -- managing vendors and vendor data, contracts, strategic sourcing, reverse auctions, and more. Others use it to plug a particular hole in a process. For those organizations who just need to run RFX or manage contracts or do anything that doesn't include the full Vendor Management module, we've rolled out a "lite" version. This provides the basics of vendor management, allowing you to cross-reference your vendors with RFX, contracts, and more. Vendors can be tied into your category management schema as well.
Vendor Management Lite also improves the way that vendors are managed inside other process likes RFPs. In addition to using search, buyers can also filter vendors based on category and status. Plus, inviting new vendors has never been easier. Here's a look at the view from the Strategic Sourcing module.
In addition to the features listed above, we added loads of small little enhancements, but in the interest of brevity, we'll keep those in our back pocket to discuss if you reach out to us with interest in the details. 😁
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