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.
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.
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.
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.
Reduce third party costs by optimizing performance.
Identify and eliminate poor performers.
Combine qualitative and quantitative measures for true performance measurement.
Monitor and correct third party-buyer processes.
Innovate collaboratively with third party suppliers on ideas that will drive business value.
Provide a predictive view of performance with leading indicators.
View weighted, objective scoring of third parties across a broad range of criteria
Strengthen third party relationships with performance visibility and communication.