The Workrise Platform Can Expand Your Approved Vendor List and Reduce Vendor Expenses by 35%
This size of a company’s approved vendor list can sometimes be directly associated with the speed they can move. Smaller vendor lists mean that when a new capability need arises on a job site or if a need arises in a new region, operations teams have to go through the onerous process of finding and vetting the vendors they need. Once they’ve found them, there is the challenging task of onboarding them which can take 6+ months.
Sourcing new vendors can interrupt operations and have a huge impact on cost. The impact of downtime is significant. One study by EY showed that 60% of oil and gas projects experienced schedule delays, and 38% had cost overruns and the impact is in the billion and even trillion dollar range.
The Workrise Platform is making it easier for operations teams to keep projects running by helping them find and hire the vendors they need:
- Spend less time finding qualified vendors - The Workrise platform enables supply chain teams to give operations teams searchable visibility into an approved vendor list but also enables supply chain teams to set parameters for the entire network of thousands of Vendors that work with Workrise. This means that operations teams not only have access to vendors they’ve worked with in the past, but could also access to Workrise’s vendor list as well. Enabling operations teams to spend less time finding vendors and more time keeping projects running.
- See more information about vendor capability in one place - Workrise Platform gives operations leaders more visibility into who is available, the services they provide, their certifications and the regions in which they’re located in one view.
- Get better pricing - With access to comprehensive vendor data, Workrise helps operations leaders maximize profitability by helping them to get the best price for the services they require.
Workrise clients are seeing an average vendor onboarding time that is over six times faster than the industry average, as well as an up to 35% reduction in vendor management costs when compared to their existing in-house processes.
With Workrise, operations leaders can plan projects more accurately, as well as make more precise forecasts and get a clearer overview of project resourcing all while staying compliant.
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