Employing expert vendor management advice that delivers value
Customer Company Size
Mid-size Company
Region
- America
Country
- United States
Product
- Ncontracts Manager
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Services
- System Integration
- Software Design & Engineering Services
About The Customer
Lafayette Federal Credit Union is a smaller credit union based in Rockville, Maryland. With assets worth $500 million, the credit union has been a customer of Ncontracts since 2012. The credit union relies heavily on many third-party vendors for its operations. Over the past few years, regulators have been taking a greater interest in how Lafayette manages these relationships, especially with critical vendors. To meet this need, the credit union sought out a more efficient solution while trying to limit expense.
The Challenge
Lafayette Federal Credit Union, a smaller credit union based in Rockville, Maryland, relies heavily on third-party vendors. Over the years, regulators have shown increasing interest in how Lafayette manages these relationships, especially with critical vendors. The credit union was in need of a more efficient solution to manage the growing volume and complexity of vendor management, while trying to limit expenses. The challenge was to find a cost-effective solution that could handle the increasing volume and complexity of vendor management.
The Solution
Lafayette FCU chose Ncontracts Manager as their solution. Ncontracts Manager is a complete contracts solution that allows the credit union to delegate much of the heavy lifting, including tedious contract reviews. When a new contract comes in, it is uploaded into the system, and Ncontracts’ expert legal team reviews the contracts looking for details, deadlines, and exceptions. It provides executive summaries that distill contracts into their most essential elements. Ncontracts Manager also stores all of Lafayette’s contracts in a secure online repository, eliminating confusion about the latest version of a contract or supporting documents. The system also provides reminders and alerts to ensure that no contract expiration or vendor review is forgotten.
Operational Impact
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