Vendor Management Pact With LSCU, PCUA
LEVERAGE has announced plans to partner with the Pennsylvania Credit Union Association to offer credit unions there Ventelligence, a vendor management system and e-purchasing platform.
Leverage is a subsidiary of the League of Southeastern Credit Unions. Ventelligence is fully automated and includes contract management, risk assessment and due diligence.
The contract management tool streamlines the process and reduces staff hours when it comes to identifying information that needs to be viewed and tracked through a web-based contract database.
The e-purchasing process is imperative to what makes it so much more powerful than traditional purchasing methods, the company said. Competing companies, invited into a live bid environment, are encouraged to more aggressively bid against one another to win the credit union’s contract. The savings through e-purchasing averages more than 20%, they said.
“We’ve been working hard the past year to look for opportunities to collaborate with more leagues and service corporations,” said Patrick LaPine, president/CEO of the LSCU.
“Ventelligence and e-purchasing are changing the way credit unions manage and sign new contracts. It makes perfect business sense to work with service corporations to offer these products to as many credit unions as possible. The monetary and staff hours’ savings allow credit unions to continue to serve their membership and not spend more time than is necessary on contract management,” LaPine said.