Successful vendor selection plays a key role in effective business management. Critical to this selection process is identifying the risks associated not only with an individual vendor, but also the accumulation of risk overall within an organization. Risks assessment ensures third-party products and services comply with applicable laws, regulations, and security best practices. To maximize industry vendor relationships while monitoring risk, concrete data, software, and analytics are required.
Persistent Systems uses the Appian platform to provide a cost-effective and efficient tool for the strategic selection and real-time monitoring of vendors. The application is a highly configurable, easy-to-use, cloud-based vendor management tool that allows for efficient vendor database management, configuration of pre-qualification requirements, and integration with supplier diversity programs.
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