Posted on January 5, 2022 by Travis Peterson
IACCM calculated poor contract management practices are costing businesses an average of 9% of revenues each year.
It’s safe to say that most dealers have likely seen a lapse or overlap in their subscriptions, had a contract expire without warning or experienced an unwanted renewal – all of which can become quite costly to the dealer.
With more and more agreements going digital, it is imperative to give your dealership the best contract management tools available at a price point that makes sense for you. If you are grappling to answer the age old question, “Which resource should I use?”, I have the answer for you.
It’s Vendor View, at just $50/month it is a clear winner when stacked against the competition.
Vendor View is One View’s effective web-based contract storage management platform. Dealers simply upload copies of their vendor agreements and opt-in to receive automated notifications of upcoming contract renewals or expirations. It’s one central place to view and compare all vendor terms and conditions with ease.
Vendor View offers several benefits, including, avoiding the “vendor gotcha moment” where a contract automatically renews even if that vendor is no longer a best fit. It also makes it easy to ensure a change in pricing, or duplication of services, never slips through the cracks. The platform offers unique functionality such as expense account allocation, customizable folders by departments, searchable agreement conditions and terms, and email renewal notifications.
Here’s how Vendor View can help your dealership confront and overcome today’s three big business challenges:
- Evaluate every expense. Locate contracts based on vendor, and the products and services they provide, using advanced search functionality. In this way you can weed out similar vendors so you’re not paying for duplicate services. You can also compare agreements by department and expense account to analyze spending and pinpoint areas for cost reductions.
- Do more with less people. Manage all vendor contracts from one uniform platform with just a few keystrokes. This replaces the manual and time-consuming process of filing paper contracts, and then digging through file boxes in an effort to stay on top of contract terms and conditions. This also decreases the likelihood of losing physical documents or misplacing where certain agreements are found of a network drive. Preventative research that could have taken hours now takes just one employee only a few minutes.
- Centrally manage operations. Scan, archive, and manage vendor agreements from one uniform platform. With all contracts for all stores in one place, you avoid unintentional renewals and can compare services from store to store. This helps to uncover price discrepancies and unveil opportunities. Using two vendors for the same service at two different stores? Consolidate under one vendor and you may be able to negotiate a volume discount. Central management also gives insight into who is executing agreements and if the terms are favorable so you can avoid being locked into contracts in the future. This provides transparency on what contracts are being executed at the dealership level so corporate is not surprised by unapproved agreements. Finally, web-based central management means you always have the most recent agreements at your fingertips so a vendor audit is easy, fast, and efficient.
Mismanaged subscriptions can become costly is gone unchecked, let Vendor View audit your vendor expenses and services to help you cut costs and run more efficiently.