All businesses rely on external relationships. This simple truth is often overlooked by companies regardless of size or industry. To be successful, companies must depend on other businesses, individuals, or other outside parties for products or services, and more speciﬁcally, companies must rely on their contracts with these external parties to ensure their business needs are being met.
Even when the dependence on external parties is understood, the relationships aren’t managed with the same diligence as internal relationships. Many organizations do not know what is in their contracts with critical external parties, pay more than the contract requires, don’t comply with their own obligations, can’t ﬁnd the documents, or just don’t manage the relationship. Ignoring contracts with external parties and the broader relationships they support – or simply choosing not to actively manage them – can have negative repercussions: business-disrupting disputes, constraints on strategic initiatives, regulatory exposure, compliance risk, and higher costs.
Swingtide CVLM provides a holistic approach to the full life cycle of the relationship with the external parties you rely upon. While traditional vendor lifecycle management typically encompasses the contract and how it is filed, Swingtide CVLM’s Complete Lifecycle Management approach includes sourcing, contracting, and vendor management with every step focused on the primary objective to get the most out of your external relationships.
The tool Swingtide has developed to support this approach is Tiri. After an exhaustive search of the market confirmed there were no existing products or combination of products to meet our needs, we developed our own. Most market solutions offered a repository with limited workflow, no support for vendor management, and lacked the needed real-time reporting. None offered the controls needed to maintain data integrity nor provided the security needed to protect the confidentiality across multiple clients. Tiri enhances our service offerings and provides our clients with a unique view into all aspects of their third-party relationships.