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- Secteur d'activité : Marketing et publicité
- Taille de l'entreprise : 1 001–5 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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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.
Avantages
Within 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.
Inconvénients
I found the initial "training" weak. I receive help though as I need it whenever there is a module I am interested in.
Réponse de Mitratech
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.
- Secteur d'activité : Banque
- Taille de l'entreprise : 51–200 employés
- Logiciel utilisé toutes les semaines pendant plus de deux ans
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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.
Avantages
Met 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.
Inconvénients
We knew that setup was going to be a long haul. But like anything else once you do it you are glad you did.
Réponse de Mitratech
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!
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 1 001–5 000 employés
- Logiciel utilisé toutes les semaines pendant plus de deux ans
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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.
Avantages
Vendor 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.
Inconvénients
Possibly 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.
- Secteur d'activité : Internet
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant 6 à 12 mois
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I have never used a software where the support people are as powerful as the software itself.
I've tracked money in savings directly attributed to VendorINSIGHT by managing renewals so that we are in front of the contract renewal life cycle. I have already forecasted savings for 2018 based on the licenses we were able to cancel in time for the renewal.
Avantages
I bid several contract management programs against each other and this one stood out heads above all the others. its hard to take a single attribute and point that out as my favorite because each of the pieces fit so complimentary together that its hard to single out a specific part. I love that I can assign a specific contract or contracts to specific individuals and set alerts which are customized so that that only the correct audience is notified.
Inconvénients
Hard to find something that's my least favorite. I think it would be that the way things are bundled. We knew going in that we would not be able to implement the vendor performance piece for quite a while yet it was "included" and I have this empty feeling in my gut that we are paying for something that we don't use.
Réponse de Mitratech
Garth, it is great to read such good feedback from you! We're glad you've enjoyed working with our Service Team--we agree, they're some of the best! We're excited to grow with Rakuten and watch this partnership develop.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé toutes les semaines pendant plus d'un an
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Great System!
Avantages
The biggest pro is that you can reach out to the staff at VI anytime with questions you may have. They will walk you through every aspect of the software.
Inconvénients
We have yet to encounter an issue with the system. No problems as of yet. The system can take a minute to get used too.
Réponse de Mitratech
Thank you, Kyle! We appreciate the feedback and look forward to more on site working sessions with FIFS in the future. I hope to see you at our 2018 User Group Conference again in May! - Dalton
- Secteur d'activité : Banque
- Taille de l'entreprise : 51–200 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Have used Vendor Insight at Multiple Banks
Avantages
I have used Vendor Insight at multiple banks, the customer support is always outstanding, and a big reason why we use the product, it's outstanding
Inconvénients
I don't have any issues with Vendor Insight.
- Secteur d'activité : Banque
- Taille de l'entreprise : 1 001–5 000 employés
- Logiciel utilisé toutes les semaines pendant 6 à 12 mois
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Vendor Insight Review
Vendor Insight has been a great tool and the customer services has been fantastic.
Avantages
Vendor Insight is easy to use and allows for easy visualization of Vendor Risk Assessments and their status in our process.
Inconvénients
Vendor Insight can be slow at processing at times, especially large documents.
- Secteur d'activité : Banque
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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VendorINSIGHT Review
VendorINSIGHT has helped organize and maintain our Vendor Management program with battle tested processes and customizations to help our program be successful. I would recommend them to anyone.
Avantages
The VendorINSIGHT software provides a transparent process for risk rating vendors. The process demonstrates a logical workflow from start to finish. The system is easy to setup and robust enough to handle all the demands related to Vendor Management.
Inconvénients
While it's easy to setup, you can't implement the solution without help from the support team. It is advisable to map out your process prior to creating (e.g. naming conventions, policy assignment, risk criteria, etc.) so that you don't have to make corrections as you move forward. The support team is instrumental in helping do this. Use them.
Réponse de Mitratech
Hello Sean, thank you for your response! We are happy to hear your setup went well and we were able to handle all your demands related to vendor management. We understand a successful vendor management program needs time and resources to be implemented properly. Our support team is instrumental in achieving your vendor management goals and we're glad you agree! Our support and expertise differentiates us from other solutions. We want to make it a priority that you continue to evolve and customize your program to meet your specific needs. Please don't hesitate to reach out to your program admin with anymore additional comments, questions or concerns.
- Secteur d'activité : Banque
- Taille de l'entreprise : 1 001–5 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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A system that is Just right
As this system is constantly improving, it is allowing my program to improve as well. I think Vendor Insight teams well with their customers and together we have built a reliable system that provides and supports every need. They are responsive and their technical and customer service are the best
Avantages
as an internal user once told me, " this is a rather elegant system"! It is easy to use and every bit of it is usable. You will not buy an overblown system and use only 30%, you can implement it all. More and more of my internal customers have come to rely on the reporting as a single source of truth.
Inconvénients
I have used this system for 6 years and watched it evolve so I have no Cons to using this system.
Réponse de Mitratech
Hi Valerie! Thank you for taking the time out of your day to leave us a positive review. We really appreciate your feedback and enjoy working with people like you who can help us continuously evolve our system to be as relevant as possible. VendorInsight? does come with a lot of features and coupled with our support team we want our customers to understand, exactly how you stated, that you can implement it all! We want to ease the burden of manually tracking vendors and want customers to use our software and reporting features as a centralized source of truth. We look forward to working with you in the future and rely on comments like yours to make VendorInsight? as efficient as possible. Please don't hesitate to reach out to your program administrator with any additional comments, questions or concerns.
- Secteur d'activité : Marketing et publicité
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Provenance de l'avis
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A great contract/risk management tool
The 1st year of implementing in 2016 I calculated $38,212 in savings. In 2017 $872,899 in savings. In 2018 $1.2M in savings and this year in 2019 forecast is 1.4M in savings. Savings is derived from opportunities to cancel agreements before they auto renew and calcualted savings from being able to negotiate these agreements before they renew/expire.
Avantages
Because this software is configured so well, I was up and running within a few weeks of purchase
Inconvénients
I find it to be a little more money than similar systems
Réponse de Mitratech
Hello, Garth. We appreciate you taking time out of your day to leave us a review. We are happy to hear that you're satisfied with the implementation process, and even more pleased to see VendorInsight? has saved your organization $1.2M just last year! Many people are unaware that they're paying for services that they don't utilize because of contracts that renew automatically. As you already mentioned, this feature alone can save you as at least thousands of dollars in costs, but also time and resources to identify those contracts as they're renewing and expiring. We hope you continue to see the value in VendorInsight? and reach out with any more additional questions, comments or concerns.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Vendor Insight's opinion
I like the system it is very easy to use and very good support staff attention
Avantages
As of today meet my needs, easy to use, easy to navigate,
Inconvénients
maybe adding some features will be perfect
Réponse de Mitratech
Hello, Ana! Thank you for your positive review. We are pleased to hear VendorInsight? meets your needs with easy functionality. If you haven't already, please let your program administrator know of any updates you would like to see in our system. The feedback we get from our clients and from our Annual User Group Conference is taken very seriously by our development team and implemented in regular software release updates. We guarantee 100% regulatory compliance but also want to ensure we meet any process needs from your organization. Please reach out for any additional questions, comments or concerns. Thank you!
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 1 001–5 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Great Risk Management tool
We are pushing to automate and VendorInsight is working with us shoulder to shoulder as a partner to help get this done. They are great at listening to your needs and creating a resolution. They are customer driven and strive to accommodate the customer. Their yearly user group creates the foundation for their system updates.
Avantages
• ease of use
• big bang for the buck
• great customer service
• easy to customize
Inconvénients
This system gives me exactly what I need. I have no cons to report
Réponse de Mitratech
Hello Valerie, thank you for your response! We are very happy to hear you've had a positive experience with VendorInsight?. We're proud of our customer service team and glad to hear they're using their expertise to implement and customize your program. We look forward to seeing you again at our annual user group next year! Please don't hesitate to reach out to your program admin with any additional comments, questions or concerns.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Provenance de l'avis
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Vendor Insight - The Best Third-Party Risk Management Tool in the Industry!
I have been using Vendor Insight for over 7 years and it is the only tool that I will use for Third-Party Risk Management and the reason why my Vendor Management program continues to succeed. Regulators will praise you for using such a great tool, Internal Audit will love how easy it is to track your vendor due diligence, and your employees will thank you for choosing a tool that is so easy to use.
My account representative and the rest of the senior leadership team are amazing and are always looking for ways to help me improve my overall program.
If you are looking for a Third-Party Risk Management tool, I strongly recommend that you use Vendor Insight as it will help you build the robust program that your organization requires.
Avantages
The tool is easy to use and you always have a dedicated person to you that will assist you with any questions you may have.
Inconvénients
There is nothing I do not like about it.
Réponse de Mitratech
Hi Luis! Thank you so much for your feedback. It¿s important to us offer a vendor management solution that¿s both comprehensive and intuitive. We¿re looking forward to continuing to work with you. ¿ Lindsey
- Secteur d'activité : Banque
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant plus d'un an
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Provenance de l'avis
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VendorINSIGHT Does the Job!
This has been a transition time for our company. In 2015 we started implementing VendorINSIGHT and in early 2016 we trained our managers how to use it. I also transitioned into the Vendor Management position in March after the prior person who was managing vendor retired. My initial experience is that we were trying to make our prior program fit with VendorINSIGHT and it didn't work as well as we thought it would. Since then I have had to revisit the 'method' of how we risk rate and manage the vendors to fit the needs of our company. We are making good progress and I anticipate that we will have everything running smoothly in the beginning of 2017. We love the alerting capabilities and the flexibility of how to set up the alerting. The staff is great at CMPG.
Avantages
The alerting feature
Inconvénients
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Réponse de Mitratech
We appreciate the feedback Greig! Thanks for hanging in there with us as we go through a transition time at Canadaigua. We look forward to working with you more in the upcoming months!
- Secteur d'activité : Banque
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant 6 à 12 mois
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Provenance de l'avis
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New user
We are just now implementing it and the team has been fantastic to work with. We are also pushing the envelope quite a bit- - no major issues.
Avantages
Working with the folks has ben awesome. The collaboration aspect of the platform is great.
Inconvénients
"done deal" focused, at first blush. This has been overcome with the teams openness to listen and understand that some things need to be added due to the expansion of risk management from a contract focus into a holistic Sourcing/Vendor/Contract/Risk focus.
Réponse de Mitratech
Hi there! Thank you for taking time out of your day to write us a review. We have an amazing team at VendorInsight? and are glad you think so as well. We pride ourselves on the ability to tailor our software to your vendor management process. We appreciate your feedback and are glad that we could expand our functionality to meet your needs. We would be interested to hear more feedback and hope you continue to reach out with any additional questions, comments or concerns in the future.
- Secteur d'activité : Banque
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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It's got the stuff
Staff that we work with is second to none. We are customizing the software to meet our particular needs.
Avantages
The software is very customizable. The development team works very hard to meet our needs.
Inconvénients
Tracking capabilities of all actions is not necessarily captured
Réponse de Mitratech
Hi Greig,
We want to thank you for taking time out of your day to write us a review. We're happy to hear you're able to customize our software to meet your needs. Our service team works very hard to make sure our customers are getting the most out of VendorInsight?. We appreciate your feedback and hope you'll continue to reach out with anything you may need.
- Secteur d'activité : Automatisation industrielle
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé tous les jours pendant 6 à 12 mois
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Provenance de l'avis
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Review
We have streamlined our on-boarding process for vendors, subcontractors and associates.
Avantages
The software is rather intuitive and the associate assigned to assist in our implementation was invaluable.
Inconvénients
There are features we do not use; however, that is truly not a downfall. This software package was amended to meet our needs by Vendor Insight.
Réponse de Mitratech
Hi, Ben! Thank you for your review. We're glad to hear you find VendorInsight? intuitive and our service invaluable. We pride ourselves on our service team who works hard to make sure customers like you understand the system and are getting the most out of it. Please don't hesitate to reach out to your program administrator with any additional questions, comments or concerns.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé tous les jours pendant 6 à 12 mois
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Love the product
Centralization of the vendor management function
Avantages
Easy to use. Intuitive. All the information I need at my fingertips
Inconvénients
The report capabilities need to be expanded. Especially around filtering and sorting
Réponse de Mitratech
Hello, Charles! Thank you for your review. We're glad to hear you find VendorInsight? easy to use, intuitive and helpful. We understand your reporting capabilities concerns and will continue to escalate your development requests as soon as possible. VendorInsight? centralizes all documentation and reporting making it easier to be accessed by multiple departments. Please don't hesitate to reach out to your program admin with any additional comments, questions or concerns.
- Secteur d'activité : Banque
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé tous les mois pendant plus de deux ans
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Provenance de l'avis
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A function-rich solution for a complex challenge
I have implemented Vendor Insight in two separate companies. In the second organization ( my current) we have had the opportunity to truly focus on our vendor management program and have been able to delve into the functions afforded to us by the platform. VI is extremely function-rich and though I wouldn't necessarily recommend doing a totally decentralized Vendor management program where large numbers of vendor relationship managers are using the platform, it does provide a strategic and well-designed platform for oversight and management of a partially centralized approach to vendor management. We were so impressed with our initial experience and subsequent work (with on-going upgrades) that we also licensed the BCPI module as well. This is a strategic platform for our bank, both for vendor management and, more importantly, for risk management.
Avantages
Completeness of functionality
Inconvénients
Since the problem it solves is complex, the solution platform can be a bit complex too for a casual user. However, once an organization focuses on customization of the platform to their specific needs, it becomes a highly valuable tool.
Réponse de Mitratech
Walter, we loved reading such thorough feedback! all of our improvements and updates are built upon the input of our customers, so thank you! We're excited to continue serving Peoples Bank of NC in your vendor management and business continuity goals.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Provenance de l'avis
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Revamped Our Program
VendorInsight has helped us take our vendor management program from almost nothing to compliant to robust over the last few years. The customer support is great and very quick in responding. Also, VI is constantly improving, offering new features with input from the user base and regulatory changes.
Avantages
Various features, not just a contract repository
Inconvénients
It's a little clunky moving between screens
Réponse de Mitratech
Ryan, we're thrilled to hear such good feedback from you! We look forward to growing with Univest and continuing to build upon your input.
- Secteur d'activité : Banque
- Taille de l'entreprise : 51–200 employés
- Logiciel utilisé Autre pendant plus d'un an
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Compliance Head
Overall the benefits for use of the system have been a tremendous improvement from what we had. We now have a centralized place for contracts and we have assistance with the oversight when things change with our vendors. Great tool.
Avantages
Ease of understanding the content and frequency in risk ratings
Inconvénients
Not the easiest to maneuver. The system itself was not self-explanatory. It require a tutorial from the IT Director.
Réponse de Mitratech
Hi Stephanie! Thank you for taking time out of your day to write us a review. We are pleased to hear that VendorInsight? has been a great tool for your organization. We understand our software entails a lot and there might be a bit of a learning curve. However, our service team is happy to help train you on anything you might need additional help with. Please don't hesitate to reach out to your program administrator with any additional comments, questions or concerns.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé tous les jours pendant plus de deux ans
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Best Third-Party Risk Tool in the Financial World
Ease of mind with regards to daily monitoring of our vendors.
Avantages
The tool is very easy to use, user friendly for not just myself as an administrator but my users are very happy with the tool.
Réponse de Mitratech
Luis,
You are one of the best vendor managers a company could ever dream of having on board. We are so grateful to have the opportunity to work with you! Thank you for the positive feedback!
Ryan Fox
Director Sales & Marketing
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 201–500 employés
- Logiciel utilisé Autre pendant 1 à 5 mois
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Provenance de l'avis
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VI Review
The overall engagement and responsiveness of the VendorInsight team have been one of the best I've experienced with a software provider. [SENSITIVE CONTENT HIDDEN], our Program Consultant, responds to all inquires quickly and ensures that if she doesn't know the answer to a question, she refers us to the person who does.
Avantages
The visual dash boards, ease of use and flexibility of the software are great. Having the ability to edit or add questions and adjust scoring to fit the needs and requirements of my organization are key attributes.
Inconvénients
Nothing I can respond with at this time. However, we have only been using the software for less than 6 months.
Réponse de Mitratech
Hi Tony, thank you for taking the time out of your day to give us a positive review! We appreciate hearing from customers like you that realize the true value and configurability of our system. We take pride in our customer service and will pass on your generous comments to your program administrator. We are happy to be working with your organization and hope you will continue to share your feedback as you become a veteran user. Please don't hesitate to reach out with any additional questions, comments or concerns. Thank you!
- Secteur d'activité : Banque
- Taille de l'entreprise : 501–1 000 employés
- Logiciel utilisé toutes les semaines pendant plus d'un an
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Provenance de l'avis
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VendorInsight is easy to implement and use. Thanks to the great customer service and support...
Our Vendor Management process was completely manual. With VendorInsight, we were able to automate the work flow and centralize all vendor documents.
Avantages
Easy to follow process flow within software. Great features such as alerts, compliance requirements, questionnaires, risk assessments, and vendor scorecards.
Inconvénients
It takes some time to get used to the workflow, but once you have that down, it flows pretty easily.
Réponse de Mitratech
Patti, we loved reading your feedback! Customer service is the backbone of what we do and I'm glad you've experienced the fruit of that. We're excited to continue serving USAmeriBank in your vendor management goals.
- Secteur d'activité : Services financiers
- Taille de l'entreprise : 1 001–5 000 employés
- Logiciel utilisé tous les mois pendant plus d'un an
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Keeps track of all your vendors
Great product for the money.
Avantages
Good organization and detail on user-friendly screens. Allows uploading and tracking of vendors through our vendor management process for onboarding, legal and security reviews.
Inconvénients
Could stand to have better reporting and more flexibility with custom fields.
Réponse de Mitratech
Hi Gerald! Thank you for taking valuable time out of your day to give us a review. We are happy to hear that you find the software user-friendly and can easily integrate into your existing vendor management process. We take your comments on custom reporting very seriously and will communicate those requests to our development team. Please don't hesitate to reach out with any questions or comments.
