Robust vendor management solutions and tools enable organizations to maintain all contractors, contracts and reviews in one place, as well as assess risk, manage resources and comply with regulators and auditors. By improving visibility and control of all documents and records related to their multiple suppliers, regulated organizations are more likely to achieve long-term success.
As companies add more suppliers, vendors, parts and services to their businesses, controlling the documentation associated with these external parties and their goods or services becomes increasingly complex. In regulated environments, especially, companies working with external parties must have the right information to understand what supply may adversely affect their product. They must be able to withstand regulatory scrutiny and ensure compliance and product safety. To be compliant, they must have a reliable system for documenting and tracking information related to their third-party providers.
Unfortunately, many regulated companies are at a loss as to how to best manage suppliers, vendors, contractors, parts and services.
Implementing vendor management tools like MasterControl’s enables regulated companies to not only document all important aspects of the parts, materials and services their suppliers provide, but also improve the overall quality of their third-party relationships, which in turn helps increase their long-term success.