STAMFORD, Conn., June 16, 2020 (GLOBE NEWSWIRE) -- Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today launched an online assessment tool that allows enterprises to evaluate their vendor management office (VMO) capabilities and receive a comprehensive analysis of their strengths and weaknesses.
In a series of 30 questions that takes approximately 12 minutes to answer, the ISG GovernX® VMO Assessment Survey evaluates how the survey taker’s VMO functions are performing against organizational objectives, whether the businesses is extracting maximum value from vendor relationships and where improvements can be made.
Multiple participants from an enterprise can take the survey for an even more detailed examination of the business’ areas of opportunity. The brief survey is offered free of charge on the ISG website. Comprehensive evaluations are returned within one business day, and survey responses are anonymous.
“Effectively managing outsourced services is particularly challenging in today’s fragmented sourcing environment, especially in the midst of the COVID-19 pandemic, which has increased the focus on supply chain risk,” said Lois Coatney, partner and president, ISG GovernX. “Organizations that practice good vendor governance typically display a set of common attributes. To help enterprises understand where they stand today and how they can improve, we have designed our survey to be as simple as checking a credit score.”
Coatney said enterprises with third-party supplier relationships but no formal VMO operating model will find the survey results helpful for building a model, growing VMO capabilities or understanding the extent to which the relationship is delivering value as promised. For enterprises that have a VMO in place, the survey will help them adopt industry best practices, use digital tools and technology to drive repeatability in their processes, reduce discrepancies and cycle time, and increase efficiency and cost effectiveness.
“Some enterprises find themselves in a frustrating cycle, in which core issues with suppliers fail to get resolved,” Coatney said. “In times of crisis, a vendor management capability that provides a clear line of sight into all supplier relationships becomes even more critical. The ISG GovernX VMO Assessment Survey will help users identify strengths and weaknesses and build a VMO capability that will mitigate supply chain risks, ensure business continuity and maximize value for the business.”
The ISG GovernX VMO Assessment Survey is based on the expertise used to create ISG GovernX, a best-in-class supplier relationship management platform that enables real-time contract performance monitoring, risk mitigation, regulatory compliance and greater collaboration among suppliers. Enterprises use ISG GovernX to perform meaningful analysis on real-time governance data through interactive dashboards that manage their entire portfolio of contracts and integrate seamlessly with financial, procurement and other business applications.
More than 10,000 enterprise users are leveraging the platform to manage 7,500 contracts, a 600 percent increase since the onset of the pandemic. ISG GovernX users now process more than $5 billion of transactions on the platform each quarter and engage with more than 6,000 suppliers.
Coatney will discuss how digital technology and tools, including the ISG GovernX VMO Assessment Survey, can help bridge gaps between enterprises and third-party suppliers and increase service excellence, during a live, hour-long ISG Smartalks™ webinar, “Digital Governance: From Gut Instinct to Real-time Insight,” on Thursday, June 18, at 11 a.m., U.S. Eastern Time.
For more information about ISG GovernX, visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world's top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
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