Document All Vendor-Related Issues So You Don't Forget Them Later
Your company deals with vendors all day long. Things happen — conflicts, misunderstandings, poor service, bugs in the product, etc. Some are important, some aren't.
Months or years later, you have to decide if you want to continue the vendor relationship. What happens if you forget that 15 months ago there were several incidents with this vendor that were cause for concern? Or that you opened a support incident with them 3 months ago and it's still unresolved?
The answer? Document, document, document.
The more documentation you have, the better you'll be prepared in the future.
How Can VendorRisk Help?
Helps identify performance trends
Easily see which vendors have the most incidents. If you notice that the incident count is getting worse each month, that may be a strong indicator that the vendor requires an immediate review.
Make sure the incident doesn't violate the vendor's SLA terms
When you add an incident, you can specify if the incident violates the agreed-upon contract terms — if so, the incident should be brought to the vendor's attention.
Example: Your website hosting provider promises 99.5% monthly uptime. The website, however, goes down for five straight hours. This should be entered as an incident and, since it violates the SLA, should be discussed with the vendor.
Measure the vendor's resolution time
VendorRisk tracks both the expected resolution time and the actual resolution time. If you notice that the vendor consistently fails to resolve issues with the expected time, this should be a cause for concern.
Integration with the Performance Review module
Using both the Incidents & Performance Review modules? When you create a performance review for a vendor, VendorRisk will automatically display any incidents that occurred for the vendor in the review's time period, ensuring that the reviewer is aware of and has access to the list of incidents.
Examples of reports you can run, save & export...
- All incidents that occurred in the past month
- All incidents in the past 6 months for IT-related vendors
- All incidents that violated the SLA terms
- All incidents not yet resolved