Regain control by consolidating all your vendors and systems into one place with Wired Relations. This is a crucial step to save costs, mitigate risks, and enhance vendor performance through effective management.
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Managing vendors and systems is notoriously difficult. Research shows that companies, on average, use between 250 and 320 software tools. Surprisingly, up to 30–40% of these systems are shadow IT—software unknown to or unmanaged by the organisation.
As a result, many vendors and systems aren’t properly managed, with research suggesting that over 50% of software vendors go unmanaged.
This lack of oversight creates significant problems, including:
It’s time to take control with Wired Relations.
Wired Relations connects vendors, systems, and processing activities in one platform. This holistic view enables faster, more informed decision-making on compliance, data breaches, incidents, audits, and new system implementations.
With Wired Relations you only need to update information on vendors and systems in one place. No more spending valuable time trying to find the contact information for the vendor you need to audit or guessing if a system contains sensitive information when breached.
Seamlessly integrate with your existing tools to automatically import vendor and system data. Easily identify gaps and areas for improvement to ensure compliance and operational efficiency.
Easily audit vendors. The Task Manager tells you when it is time to audit, audit questionnaires and automatic reminders are sent through the system. With one click you get an overview of which vendors have answered your questionnaires, and which have not.
Risk management is an integral part of Wired Relations. You can easily connect risks to vendors and / or systems for effective and efficient risk management.
Track system usage and ownership across your organisation. This allows you to periodically assess which systems are still in use. Research indicates that up to 50% of software licenses go unused—Wired Relations helps you cut unnecessary costs and reduce risk.
By maintaining a clear overview of systems and vendors, businesses can better safeguard critical information such as personal data, operational details, and product information etc.
Not all systems and vendors are equally critical for your business and operation. Effective vendor management allows you to evaluate how critical a system’s information is to your business operations and prioritise your efforts accordingly. This ensures resources are focused where they provide the greatest value.
With centralised tools, you can maintain up-to-date documentation to track vendor compliance and contractual obligations. And simplify the process, enabling you to conduct effective audits and verify that vendors deliver on their commitments.
Conducting risk assessments during procurement ensures you make informed decisions and reduce the likelihood of unexpected issues. By actively monitoring vendors and systems, you can identify and address risks early, minimising supply chain disruptions and ensuring smooth operations.
Vendor management isn't just about oversight – it's about optimising procurement processes to reduce costs and increase ROI. By identifying and managing underperforming or redundant vendors and systems, businesses can eliminate inefficiencies and save significantly in the long run.
