Automate And Optimize Your Third Party Performance Management Program

Collect, track and manage the quantitative and qualitative performance metrics of your third parties and suppliers to capture the strategic advantages of efficiency, cost savings, quality and innovation that their engagements should bring to your organization.

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Optimize Performance: Drive Innovation

In today’s global economy the use of third party vendors and suppliers forms a significant part of most companies’ strategy and operations. Indeed, up to up to 80% of direct and indirect operating costs can come from third party suppliers, and up to 100% of revenue can come from alliance partners, franchisees and sales agents. How they perform plays a significant part of your success, profitability and reputation.

Yet many organizations do not have an effective and scalable way of evaluating and comparing the performance of third parties, or of proactively capturing the strategic benefits of innovation and further efficiency that they can bring to your business.

Further, not being able to identify and remediate underperforming third parties can lead to poor service quality, reduced satisfaction, increased costs, and reputational damage.

Leading Third Party Risk Management And Performance Management Software

The world’s leading brands count on Aravo for managing their third party risk and performance management programs. Aravo was recognized as a “Leader” in The Forrester Wave™: Supplier Risk And Performance Management Platforms, Q1 2018, and we were named as a Category Leader with the highest “Completeness of Offering” of any provider in the Chartis RiskTech Quadrant® for Third Party Risk Management Solutions 2017. We have also have been recognized with GRC 20/20’s Value Award for Third Party Management for providing measurable value in GRC efficiency, effectiveness and agility. Our award-winning technology and deep domain expertise are distilled into rapid time-to-value, applications built on best practice.

Aravo For Third Party Performance Management

Maintain a single inventory of all your third party relationships in a cloud-based solution that streamlines and simplifies how you manage and monitor the performance of your third parties. It eliminates multiple inventories and manual processes that rely on unreliable email and spreadsheets and automates performance assessments, scoring, and monitoring, and corrective action processes.

It allows you to track and monitor third parties to ensure they meet or exceed their contractual Service Level Agreements (SLA’s) and Key Performance Indicators (KPI’s), with automated notification and escalation if these are not met or trending down. The system also allows you to innovate collaboratively with suppliers on ideas that will capture business value, and drive the creation of more meaningful and mutually beneficial relationships with your third party ecosystem.

Aravo for Third Party Performance Management is built on Aravo’s third party risk management application. It comes with the application’s pre-defined data model, dynamic online questionnaire, automated workflows, risk scoring, performance scoring, issues and corrective action capabilities, reports and dashboards and integration capabilities. It can be complemented with services to configure and integrate to your individual program requirements.