Exploring Vendor Management Workspace

  • Release version: Washingtondc
  • Updated February 1, 2024
  • 2 minutes to read
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    Summary of Exploring Vendor Management Workspace

    Vendor Management Workspace allows vendor managers to monitor metrics and analyze the health of their vendors through a unified interface. This workspace provides insights by comparing vendor performance and tracking compensation due for breaches of service agreements.

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    Key Features

    • Organizational Tools: Group vendors into KPI groups to analyze performance.
    • Performance Insights: Compare vendor performance across the organization.
    • Compensation Tracking: Monitor compensation owed by vendors for service agreement breaches.
    • Integration: Utilize data from other ServiceNow applications to evaluate vendor relationships.
    • Satisfaction Assessments: Generate assessments to gauge stakeholder satisfaction.
    • Improvement Initiatives: Track efforts to enhance services and processes.
    • Performance Targets: Set goals for achieving desired vendor scores.
    • Issue Management: Create vendor tickets to manage issues promptly.
    • SLAs Monitoring: Associate SLAs with vendors to track resolution times.

    Key Outcomes

    By using Vendor Management Workspace, vendor managers can effectively evaluate vendor health, integrate insights from multiple sources, and customize their workspace for optimal performance tracking. This results in improved vendor relationships, enhanced service delivery, and better management of vendor agreements.

    Use Vendor Management Workspace to monitor metrics and analyze your vendor's health from a single user interface. Gain insights when you compare top-performing vendors and track compensation your vendors owe you when they breach the service agreement.

    Vendor Management Workspace overview

    The video provides an overview of Vendor Management Workspace.

    As a vendor manager, you can:
    • Organize your vendors into vendor KPI groups and analyze vendor performance.
    • Gain insights into how your vendors are performing in comparison with other vendors in your organization.
    • Track the compensation that you vendors owe for breaching service agreements.

    Vendor Management Workspace workflow

    Infographic for Vendor Management Workspace workflow. The text that describes the flow follows this infographic.

    In this workflow:
    1. Administrators activate Vendor Management Workspace. The application is installed after the Vendor Manager Workspace (sn_itsm_vendor) plugin is activated. Vendor administrators can then configure the application and vendor managers can use the application.
      Note:
      After the administrators activate Vendor Management Workspace, they can also customize Vendor Management Workspace using UI Builder.
    2. Vendor admins can create KPI groups so that vendor managers can track vendor metrics.
    3. Vendor admins and vendor managers can do any of the following:
      • Integrate with other ServiceNow applications to assess vendors who use data from other applications.
      • Generate vendor satisfaction assessment to measure stakeholder satisfaction.
      • Create improvement initiatives to track tasks to improve a service, process, or a task.
      • Create performance targets to set goals to achieve desired vendor scores.
    4. Vendor managers can do any of the following:
      • Create service credits to track vendor breach of agreements.
      • Create vendor tickets to track issues as they arise.
      • Associate SLAs and service commitments with vendors to monitor how quickly vendors resolve issues.
      • Analyze vendor metrics using the vendor KPI group data.
      • Monitor vendor performance within a KPI group and assess them.

    Vendor Management Workspace benefits

    Benefit Feature Roles
    Add vendors and set up vendor metrics to analyze their performance goals. Configuring Vendor Management Workspace Vendor admin
    Monitor vendor metrics and evaluate vendor health using Vendor Management Workspace. Managing vendor using Vendor Management Workspace Vendor manager
    Bring in data from other ServiceNow applications to assess the relationship with your vendors. Integrating Vendor Management Workspace with other ServiceNow applications Vendor admin
    Create custom web experience in Vendor Management Workspace based on your needs. Customize a Vendor Management Workspace page using UI Builder Admin, Workspace admin, or UI builder admin