Vendor Management System

Covendis' Vendor Management System (VMS) is designed to streamline and automate the Source-to-Pay process for milestone and deliverable SOW work. This platform is targeted towards mid-sized to Fortune 500 organizations in various industries, including IT services, engineering services, consulting services, marketing services, and healthcare services.

Key Features

Intuitive VMS Platform: According to the vendor, Covendis' VMS platform is a web-based solution that aims to streamline, standardize, and automate the Source-to-Pay process for milestone and deliverable SOW work. The vendor claims it provides increased visibility, control, and potential savings.

SOW Management: The Covendis system allows companies to upload Milestones and Deliverables from standard project management tools or use their own templates. It supports the entire requisition to payment process in a closed loop environment, which may facilitate change order management.

Contingent Labor Management: According to the vendor, Covendis enables companies to create requisitions for temporary workers efficiently. The system allows for posting requisitions to chosen suppliers or managing them through Covendis. It claims to offer candidate review, negotiation of final details, onboarding, management, and payment functionalities.

Managed Services: Covendis offers a suite of a-la-carte procurement and financial solutions. These services include vendor sub-tiering, invoice consolidation, vendor management, rapid sourcing, and a proven VMS technology. The vendor claims that these services aim to help clients achieve potential cost savings, transparency, and efficiency in their contingent workforce goals.

Advisory Services: Covendis provides advisory services to help organizations improve their current program or build a roadmap for a new solution. The advisory team, comprised of experts from global suppliers, buyers, and consulting organizations, offers a comprehensive view to optimize the program. They claim to be able to produce a comprehensive roadmap with recommendations and ROI within 2-3 weeks.

Payment Services: According to the vendor, Covendis collaborates with clients to provide creative vendor payment strategies. Their Pay-Me-Now program offers accelerated payment schedules to suppliers under a shareable discount structure, leveraging clients' assets while potentially providing improved payments to suppliers.

Vendor Sub-Tiering: Covendis' sub-tiering program aims to simplify invoicing and troubleshooting inquiries by reducing the number of vendors from hundreds or thousands to just one. The vendor claims that this can result in significant operational benefits.