Vendor management has been on the forefront for credit unions for years. However, since the NCUA published guidelines in 2007 that required credit unions to perform due diligence on all of their vendor contracts, it has been difficult. There are a number of vendor management software available, but few can rival Ventelligence. The CU Times talked with LEVERAGE Director, ePurchasing Lori Vary. Lori talked about the ease of Ventelligence and how it's not very difficult to get started.
"The really powerful thing about this kind of solution is that you don’t have to start from scratch to build anything. We created a workflow of templates. You just transition your contracts into our software and then manage their lifecycles from there," said Lori Vary, director of e-purchasing at the Tallahassee, Fla., operation.
Vary also explained how Ventelligence's group purchasing power has helped many credit unions save significant money.
"We had one small credit union buy one laptop and a computer case through this, while another bought 58 desktops and 17 laptops. Others bought something completely different but because they were all participating together, the vendors were more interested in their business and could compete more aggressively for it," Vary said. She said the group purchasing also has been used for cash recyclers, coin counters, maintenance services and armored car deliveries.