Vendorly has added a “contract management” feature to its vendor oversight platform.
The company says this new feature will enhance insights into contract terms, performance and spend analysis within the platform.
In a recent company survey, 44% of banking and mortgage professionals said their organizations were responsible for managing at least 100 vendors.
When asked how often their organizations monitor and assess vendor performance, 30% of respondents said annually.
With the addition of the contract management feature, Vendorly makes it easier to gain valuable insights into contract terms, performance and spend analysis of third-party vendors.
Financial institutions can proactively manage key metadata within a contract and create action date triggers to automate reminders to help avoid missing renewal and other relevant dates and terms, the company says in a release.