TVMES experts continues to strive by working together with industry experts to identify simplified solutions to the problems faced by VMO leaders. It is our pleasure to present you a robust and logical solution which will help you choose the right VMO platform of your choice.
VMO Platform Decision Matrix - Predictive Analytics
TVMES and vmomaturity.com support clients effectively select Vendor Management & Governance platforms to enable rapid decision making based on deep analysis and insight. Today’s VMO leaders are being asked to do more to support effective third-party management, reduce risk and proactively drive enhanced services. To accomplish this, the platforms VMO leaders rely on must not only meet this challenge but also provide a path to greater automation and actionable intelligence.
TVMES has identified 5 primary criteria VMO leaders need to utilize when considering selection of a VMO platform. These areas provide the fundamental building blocks for an intelligent VMO solution and offer potential integration across GRC, TPRM and Procurement platforms.
The first criteria TVMES utilizes when assessing a VMO platform is: Self-Customizable Dashboards & Predictive Analytics
Facets of Predictive Analysis
Analytics drives the success of any CRM tool and VMO solution and the manner in which the data is presented along with ease of customization. VMO Executives rely on timely predictive analysis including trending to highlight key areas of focus to IT and business executives. To support this requirement and continually drive data transparency, the VMO platform should have a clear and effective data strategy to ensure quality, timeliness and depth of facts.
When evaluating a platform, carefully review the approach to data as this will determine the ultimate appropriateness for VMO need. The 3 primary forms of data management are:
- Data Lake
- Integration through API or Connectors
- Batch / Schedule Job’s for data load
Make certain your VMO platform can answer these 3 questions:
How visible is your Real Time Supplier’s Performance and Spend?
Do you have Single Source of Truth to help take Executive Decisions?
Does your Platform Predict future Problems, Risks and Failures?