Credit unions are under increased pressures to find ways to better manage thirdparty vendor relationships and expenses. Credit unions need to know what contracts they have, where they are located, and when they come up for renewal. LEVERAGE, powered by Ventelligence, helps credit unions streamline Contract Lifecycle Management (CLM) to maximize performance, both financially and operationally.
CLM is the management of contract creation, execution, and analysis as a systematic and connected process. Ventelligence automates the organization and retrieval of contracts, providing credit unions with all the tools they need to make the right decisions when contracting with a third-party vendor.
Manual systems make it difficult to manage regulatory requirements, renewal dates, automatic roll overs, expired insurance proof documents, unpaid rebates, and more, in an efficient manner. Our automated system provides solutions and tools for organizing, assessing risk, tracking, and monitoring third party agreements, and goes a step further by providing automated tools to help credit unions streamline the buying process and ensuring critical document retrieval in the event of employee turnover or a disaster.
The Ventelligence program is designed to assist credit unions in developing and maintaining contract management functionality, as well as managing third party vendor relationships going forward in accordance with NCUA guidelines. To request more information,
"For most people who don’t have a rigorous process in place, this is a different way to do business. In the past, credit unions have been more informal. Ventelligence formalizes the process. But there is a high payoff because we all want to be in compliance." John Hirabayashi, CEO, Community First CU of Florida
"We have used ePurchasing events to buy several services and have not experienced less than a 20% cost savings; in more than one case resulting in 40% savings. I won't purchase another contract without it."
Two credit unions participating in the September ePurchasing event for computer equipment experienced an average of 20.4% reduction off their initial paper bids, equating to more than $25,000 in savings.