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Venminder - From the perspective of a newer Executive Assistant
What do you like best about the product?
I have had a very positive experience with Venminder. I was new to vendor management (and I am still learning) since I started working as our Executive Assistant. The Venminder team has been very helpful and willing to suggest ways to improve our risk management program as well as provide training when needed.
What do you dislike about the product?
The user interface can be intimidating at first, especially to those who don't have prior experience with vendor management software. However, the Venminder team is always willing to help navigate. The cost is on the higher side compared to similar services, which might deter some clients. There is a minimum flex fund balance in addition to the annual fee, which can be used for add-ons and to automate certain functions. For smaller organizations with limited budgets, these tools might not be necessary but since there is a minimum balance, you have to use some services. There are somewhat limited settings for reports you can pull as well, which can make it difficult to read a report without spending more time on it. The reports are created as a spreadsheet file though, so once you have downloaded it, you can edit the view for printing in that software. This just adds another step. There are some unnecessary tasks that are added for some of our vendors. We can pay for an add-on to limit the tasks for certain types of vendors, but the cost is pretty high. I would be more vigilant in setting up the correct tasks and reminders for vendors when we first add them so we don't have to manually change the tasks at this point, when we have had these vendors for a long time.
What problems is the product solving and how is that benefiting you?
It is convenient to have all our contracts in one place and know we have support if we need it. The tools are very helpful with the option to automate due diligence and the Venminder team helps us to collect due diligence documents when needed so we aren't spread too thin with other tasks.
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Ease
What do you like best about the product?
Easy to navigate and full vendor vetting.
What do you dislike about the product?
The only thing I would say that could help more is when a questionnaire is sent being able to see the question the vendor has answer if the questionnaire is not completed. Live view of the questionnaire.
What problems is the product solving and how is that benefiting you?
Venminder is our vendor management, which we use to send our vetting questionnaire and save our agreement. Store all our due diligence reviews. Monitor our high vendors and collect documents needed for vetting high-risk vendors.
Vendminder is an exceptional platform tailored for managing vendor risk and compliance.
What do you like best about the product?
Vendminder simplifies compliance tracking by providing a centralized repository for all compliance-related documents and information. It offers real-time updates and alerts to help organizations stay compliant with industry regulations and standards.
What do you dislike about the product?
The platform tends to have a one-size-fits-all approach, which can be restrictive for organizations with unique or highly specific needs. For instance, users might find it challenging to tailor risk assessment questionnaires or compliance checklists to fit their organization's particular industry standards or internal policies.
What problems is the product solving and how is that benefiting you?
endminder provides robust tools for assessing vendor risks, including detailed questionnaires and risk scoring models. These tools help organizations identify potential risks early on and take appropriate measures to mitigate them.
Venminder is a great platform
What do you like best about the product?
We've had it a few years but I'm new to using Venminder myself even though I have experience with several other platforms. We love the interface, it's easy to use and intuitive for new users. It's a great solution to help us key in contract dates and set up notificaitons so we don't miss a date. It's really a full suite of applications and servers 99% of our needs without having to purchase additional modules. Pricing seems comporable to others I've used in the past for what you get, we just need to use it to more of it's potential and so far it's been very helpful in getting us on track with our vendor due dilegence requirements where we're not just doing it to check the box but it's helping us avoid risk.
What do you dislike about the product?
When exploring other services and add-on's it refers you to Talk to Sales where I prefer a little more self service when trying to access demo's, view pricing and add services without needing to speak with a rep. When I have talked to our rep or support it's been great, but sometimes it's helpful to do it on my own.
What problems is the product solving and how is that benefiting you?
It's great for contract lifecycle management but it's really helpful at keeping all the different business units together in how we manage vendors. Some departments are more experienced at this than others but it's easy to pull a report on where everyone is at.
New addition to Venminder's clientele
What do you like best about the product?
As a new client of Venminder, my onboarding experience has been exceptional, primarily due to the dedicated project manager assigned to train me. Her personalized approach, deep expertise in Venminder’s platform and third-party risk management, and clear, consistent communication have beenn instrumental. The platform’s ease of use and implementation, combined with the interactive, hands-on training sessions, made us quickly proficient in using its numerous features. The project manager's resourcefulness and responsiveness, along with the wealth of materials provided, ensured any issues were promptly addressed. Her ongoing support and positive attitude has made our transition smooth and stress-free.
What do you dislike about the product?
One improvement that can be made is in the Ongoing module: adding the ability to list upfront costs and expenses on contracts when they are uploaded. Additionally, in the Offboarding module, it would be beneficial to include the capability to notify third-party vendors of a non-renewal or termination via email, similar to the functionality in the Assessment section.
What problems is the product solving and how is that benefiting you?
Venminder has helped us solve several key challenges by providing a seamless onboarding platform for vetting third parties, real-time third-party monitoring at an affordable cost, and robust tracking abilities. Additionally, their customized and scheduled reporting, efficient offboarding platform, and comprehensive compliance features have significantly enhanced our third-party risk management processes.
Venminder has helped wrangle or 3rd party cats
What do you like best about the product?
The most helpful thing about using Venminder is all of your 3rd party information is in ONE location, you can track their basic information, invoicing, contracts, questionnaires, and risk assessments all in ONE place!!
The tool is very easy to use, the implementation and support teams are FANTASTIC! I love the Single-Sign-On and that it was easy to integrate with Black Kite, our 3rd party riks monitoring tool.
The tool is very easy to use, the implementation and support teams are FANTASTIC! I love the Single-Sign-On and that it was easy to integrate with Black Kite, our 3rd party riks monitoring tool.
What do you dislike about the product?
So far I haven't found anyting I don't like.
What problems is the product solving and how is that benefiting you?
Now we can stop using excel sheets to manage vendor information! We are able to easily send, track and score security and due diligence assessments to vendors.
Venminder - Makes Vendor Risk Management Life Easy
What do you like best about the product?
Venminder is impressive. The ease of navigating, on-going software development, and account management support makes a users life easy and stress free.
What do you dislike about the product?
Full transparency, I don't have any dislikes associated with Vendminder. I guess I can add I wish I started to use Venminder sooner.
What problems is the product solving and how is that benefiting you?
Venminder takes all associated with third-party vendor risk managment and creates a very polished one stop shop for all things related to vendor management.
The product / software funtionality and support is by far the best vendor management tool available.
The product / software funtionality and support is by far the best vendor management tool available.
Vender Risk Management platform that is intuitive to use
What do you like best about the product?
Getting started with the platform was a breeze. It is SaaS based so there no setup required. Just work with the implementatin team to get familiar with it and everything is good to go. The platform is very intuitive and easy to use. It also allows for some customization which is great. For examples, one can add additional fields to a vendor dashboard. Also one can create custom questionnaires that can be send to vendors during the onboarding process.
Over time the platform has seen a lot of new features and improvements.
The staff of Venminder is very knowlegdebable about the product and always very helpful. I like our monthly cadence calls with our CSM. It is always great to talk with her and usually new ideas emerge during those calls.
Over time the platform has seen a lot of new features and improvements.
The staff of Venminder is very knowlegdebable about the product and always very helpful. I like our monthly cadence calls with our CSM. It is always great to talk with her and usually new ideas emerge during those calls.
What do you dislike about the product?
No real dislikes that I can come up with. There are some minor cosmetics that could be changed maybe. But these are probably of personal taste.
What problems is the product solving and how is that benefiting you?
Organizing and monitoring vendors has become easier and was also approved during our recent ISO certification renewal process by the auditor.
we are still in the onboarding phases
What do you like best about the product?
the customer service is fantastic, the continious webinars, and the fact i can ask a question and get an answer with related topics and helpful links is phenominal. having a contact person who cares makes a difference.
What do you dislike about the product?
we have to pay for additional services in the venminder software.
What problems is the product solving and how is that benefiting you?
having subject matter experts take control of their vendors they use so not one person is in control of over 100 plus vendors.
Great experience. Software is intuitive and and staff is extremely helpful.
What do you like best about the product?
The most helpful thing is the Venminder team. The software is helping us managing vendors more effectively and efficiently.
What do you dislike about the product?
At this point, I don't see any downsides.
What problems is the product solving and how is that benefiting you?
Managing vendors entirely through the software and eliminating the large amount of emails.
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