Ventelligence from LEVERAGE
Automated Tools for Contract Lifecycle Management and e-Purchasing
Contract Lifecycle Management
Credit unions are under increased pressures to find ways to better manage third-party vendor relationships and expenses. Credit unions need to know what contracts they have, where they are located, and when they come up for renewal. Ventelligence a product offered by LEVERAGE (the service corporation for the League of Southeastern Credit Unions) helps credit unions streamline Contract Lifecycle Management (CLM) to maximize performance, both financially and operationally.
CLM is the management of contract creation, execution, and analysis as a systematic and connected process. Ventelligence automates the organization and retrieval of contracts, providing credit unions with all the tools they need to make the right decisions when contracting with a third-party vendor.
Manual systems make it difficult to manage regulatory requirements, renewal dates, automatic roll overs, expired insurance proof documents, unpaid rebates, and more, in an efficient manner. Our automated system provides solutions and tools for organizing, assessing risk, tracking, and monitoring third party agreements, and goes a step further by providing automated tools to help credit unions streamline the buying process and ensuring critical document retrieval in the event of employee turnover or a disaster.
The Ventelligence program is designed to assist credit unions in developing and maintaining contract management functionality, as well as managing third party vendor relationships going forward in accordance with NCUA guidelines.
Another important part of this lifecycle management is strategic purchasing. Outdated or ineffective buying procedures can create insufficient spending volumes. By redefining the traditional purchasing process with new strategies, credit unions can leverage their buying power through innovative ePurchasing platforms.
An example of such a platform is the LEVERAGE ePurchasing platform, powered by Ventelligence. Purchasing processes are facilitated in an automated environment, concluding with a live bidding event which encourages vendors to aggressively bid against their competitors, resulting in unparalleled savings over traditional purchasing methods.
This ePurchasing platform has a number of features including an effectively managed RFP process, enhanced vendor communication and response management, selective vendor analysis and discovery, and ongoing comprehensive support services. These events can help your credit union achieve significant bottom-line results from your third party vendors, with an average immediate savings of more than 20 percent in the first year.
For more information on how better contract lifecycle management can save your credit union staff time and money, contact your PCUA Account Executive.
For more information or to get started, please contact your Association Representative at 800-932-0661, or e-mail CUSolutions@pcua.org.
- Business Development / Sales
Assistant Vice President,
800-932-0661 x 5330
Sr. Account Executive