VendorInsight
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Most Helpful Reviews for VendorInsight
1 - 5 of 52 Reviews
Garth
Verified reviewer
Marketing and Advertising, 1,001-5,000 employees
Used daily for more than 2 years
OVERALL RATING:
5
EASE OF USE
5
VALUE FOR MONEY
4
CUSTOMER SUPPORT
5
FUNCTIONALITY
5
Reviewed March 2019
A great contract/risk managemetn tool
Last year we reduced our cost by over $1M becasue we are not on the leading edge of contract negotiations. We have found same licenses being used by multiple departments and have been able to consolidate them. We have found licenses we have been paying for and not using. We were able to cancel subscriptions without the auto renew occurring.
PROSWithin just a few short hours I was up and ready to run with the software. Mainly I use this software for contract and Risk Management. Within 2 days I was able to start loading contracts in to the system. There was some customization we made to the risk assessment piece and internal stake holders took some time to figure out how we were going to structure the risk questions. I love the automation and time this saves in renewing contracts.
CONSI found the initial "training" weak. I receive help though as I need it whenever there is a module I am interested in.
Vendor Response
Hi Garth! Thank you for taking time out of your day to give us a review. We are excited to hear that our software was able to save your company over $1M in unnecessary costs and services that are no longer needed. We are also glad to hear that you were able to have a fast and seamless implementation. We take your comments on training very seriously and understand it¿s a lot easier to train once you¿ve played around in the system. We are always here to help and make sure you have knowledge and are utilizing every feature available. Please don¿t hesitate to reach out to your program administrator with any additional questions, comments or concerns.
Replied March 2019
GARY
Banking, 51-200 employees
Used weekly for more than 2 years
OVERALL RATING:
5
EASE OF USE
5
VALUE FOR MONEY
5
CUSTOMER SUPPORT
5
FUNCTIONALITY
5
Reviewed March 2020
Easy to use and lots of bells and whistles!
The customer support is great. We aren't in there as much as we should daily/weekly but can always get a hold of someone at anytime and they will re-train us no problem.
PROSMet the needs of the organization for both functionality and compliance. We liked that it could grow with use such as using Pro if and when the time came.
CONSWe knew that setup was going to be a long haul. But like anything else once you do it you are glad you did.
Reason for choosing VendorInsight
It could grow with our company and do things other companies couldn't. Also I felt they weren't all about the sales but wanted to make sure that we were getting what we needed out of the product.
Vendor Response
Hi Gary! We truly value customers like you that give us positive feedback and appreciate you taking time out of your day to write us a review. We are pleased to hear that VendorInsight? meets your needs with functionality and compliance. Most importantly, we're grateful for customers like you who prioritize the setup process for better use of the system in the long run. We take pride in our service team and hope you continue to reach out whenever you have questions or need additional training. Please stay safe during this time and don't hesitate to reach out with any further questions, comments or concerns. Thank you!
Replied March 2020
Beth
Banking, 501-1,000 employees
Used daily for more than 2 years
OVERALL RATING:
3
EASE OF USE
3
VALUE FOR MONEY
5
CUSTOMER SUPPORT
4
FUNCTIONALITY
3
Reviewed March 2019
VI Review
Experience has been good and has cut down on the number of hours spent on monitoring vendors.
PROSThe ability to have a centralized depository for vendor contracts and supporting documentation. The ability to customized risk assessments.
CONSLack of a daily audit log for changes or file maintenance made to documents or due dates that have been changed.
Vendor Response
Hi Beth! We thank you for taking time out of your day to give us a review. We appreciate your feedback and are happy to hear VendorInsight? was able to cut down on the number of hours spent on monitoring vendors. We are in the business of easing your regulatory needs and creating a software that allows you to quickly add and update vendor contracts and supporting documentation. If you're interested in having a daily audit log, we'd point you towards the contract history, which has notes on when a contract was created and updated by a user along with other useful information. We can have your program admin contact you to show you where the changes are cataloged as well as any custom reports that would help you identify those changes in a specific parameter. We are glad to hear your experience has been good and we hope you continue to reach out with any more questions, comments or concerns.
Replied June 2019
Jay
Financial Services, 51-200 employees
Used daily for more than 2 years
OVERALL RATING:
4
EASE OF USE
5
VALUE FOR MONEY
5
CUSTOMER SUPPORT
5
FUNCTIONALITY
3
Reviewed December 2023
A good review from a long-term client
Out of the shrink-wrap the application is very good
PROSClient Support and Vendor Evaluation Services.
CONSLack of constant improvement for simple things, selecting from lists using an alpha letter as an example. Inability to access data maintained in the system. Ability to define high order filtering, with multiple selections
Reason for choosing VendorInsight
No idea as I was not an employee of the company
Nancy
Financial Services, 1,001-5,000 employees
Used weekly for more than 2 years
OVERALL RATING:
5
EASE OF USE
5
VALUE FOR MONEY
5
CUSTOMER SUPPORT
5
FUNCTIONALITY
5
Reviewed August 2023
Third Party Risk Management
Third Party Risk Management is critical in the Financial Services industry, as regulations continue to be created, expanded and enforced. Vendor Insight is a great tool to allow us to comply with regulations, reduce our risk to an acceptable level within our strategic plan as an organization, and effectively and efficiently report on our efforts.
PROSVendor Insight provides a streamlined approach for creating a risk profile for each vendor, identifying what vendor documentation should be collected and reviewed based on that risk profile, and ensuring those reviews are conducted thoroughly and on an annual cadence. Vendor Insight allows us to introduce consistency and quality into our Third Party Risk Managment process, and report on it efficiently.
CONSPossibly some customization of reporting tools to meet the needs of the organization would be helpful. Those tools do exist, but we could explore them more to create the best benefit for us. Integration with AP tools to ensure we are properly including all vendor based on risk profile could be helpful as well. Also being able to generate alerts on contract expirations for those vendors in the meta data section (vendors whose risk profile does not require ongoing monitoring) could be useful as well.