This feature addresses the need for a central directory for vendors and customers/counterparts. The Vendor & Counterparts Directory (VCD) provides a central repository of counterparts and vendors complete with roles and legal-oriented additional information (signing persons, legal referrers, etc). It can be synchronized with other systems such as ERP or Accounting systems by means of custom data integration via Nova CLM API’s.
VRB – Vendor Risk management & Benchmark
This feature addresses both VRM (e-Procurement) and Compliance and helps keeping a ranking and periodical compliance checks. Organizations have the opportunity to classify vendor contacts with sets of customized criteria for creating invitation lists for tenders or RFQ and RFI and perform all their compliance checks.
Together with Nova RFx, for the e-Procurement process management, Vermont provides a parallel database of contacts and possible new vendors.
By combining vendor performance with contract metrics and the Vendor Benchmark information our customers enhance their ability to better value their bargaining power and organizing, combined with Nova RFx, specific tenders or RFQ for vendor revision or replacement.