ISG GovernX®

Turn complexity
into clarity.

Third Party Management
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10k

Third-Party Contracts Managed

1.3m

Deliverables and Obligations Managed Annually

350m

of Accumulated Savings USD for our clients
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On average, companies do not track 75 percent of their deliverables and obligations due to ineffectively managed contracts.

Without transparency, you’re likely missing out on cost savings, access to innovation, compliance, deliverables and obligations. You need a single source of truth to realize the full value of your third-party portfolio.

Change the way you manage your third-party relationships

ISG GovernX® is the first third-party management platform that allows you to proactively optimize the value of your supplier relationshipsmitigate risks and manage the contract lifecycle with speed and agility.

Get control of your third-party environment, improve supplier performance and decrease spend. Leverage ISG’s knowledge and insights borne from more than $460 billion worth of enterprise client-supplier transactions.

 

Get a comprehensive view of market intelligence and supplier performance in a single lens.

Reduce risk and complexity in your third-party relationships.

Automate the entire lifecycle of third-party risk management. Minimize exposure to financial, reputation, operational, and identify risk exposure from your third parties. From onboarding, assessments, and remediations to performance monitoring and reviews, gain efficiency by automating your workflow, integration, and on-going notifications.

Reimagine the way you manage your supplier portfolio.

Maintain insight and oversight of your third-party portfolio. Orchestrate and manage your complex environment of third-party relationships in one easy-to-use dashboard. Automate the day-to-day activities of supplier and contract management to free up more time to spend time on strategic initiatives.

Discover how procurement can enable innovation.

Build more strategic relationships with your suppliers. Govern, prioritize, organize and deliver on the full promise of your supplier portfolio. Perform meaningful analysis on real-time governance data through interactive dashboards that drill directly down into transactional data elements.

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Technologies & Integrations

Leverage the right technologies to be more strategic and efficient in governing all of your contracts and avoiding third-party risk.

Technologies

ISG GovernX® is an innovative managed services and lifecycle management platform leveraging the latest technology from ServiceNow, Automation Anywhere and IBM Watson.

Dashboard

A customized single pane of glass into spend, performance and risks across the organization allows you to drive key business insights, quicker decisions and proactive actions.

Easy Integration

ISG GovernX® is designed with an API-first approach, so it integrates easily with your enterprise environment.

ISG GovernX Features

contract workflow

Contract Lifecycle

GovernX makes it easy for businesses to realize the full business value of their supplier relationships throughout the entire contract lifecycle.  By providing stakeholders with visibility into to all relevant contract, performance and financial information businesses can proactively manage relationships to keep them aligned with the changing needs of the business.

Contract Portfolio

GovernX provides AI-enabled contract data extraction and automated workflow management which are fast, efficient, and provide deep visibility that enable better supplier relationships, risk mitigation and value realization across the entire portfolio.

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governx service levels dashboard third party management

Service Level Performance 

GovernX automatically tracks performance against contracted service levels.  GovernX will automatically validate service levels and computes service level credits and earn backs.  GovernX integrates with client enterprise systems such as ERP, service management systems, and other performance platforms, to enable source performance data intake. 

Invoicing Vendors

GovernX eliminates invoicing errors and discrepancies through automated validation of the invoices against the underlying rates and resource consumption data.  GovernX can upload resource consumption data across services through API integration within the client IT ecosystem.

Invoices
deliverable & obligations

Deliverables & Obligations

GovernX will ensure that all stakeholders are held accountable to their commitments by tracking performance against the contract in real-time through workflow automation that drives proactive review and monitoring of all relevant contract deliverables and obligations.

GovernX® Packages

  EssentialsContract LifecycleThird-Party Risk
Data & InsightsExtract and manage contract meta data & documents   
Analyze contract data, rationalize for savings   
Provide insights on compliance, spend, performance & risk   
ManageEnsure contract compliance and administer change   
Validate and optimize spend, minimize value leakage   
Confirm delivery performance, maximize value of relationship   
Author contracts, proactively manage renewals & terminations   
Assess risk through questionnaires & mitigate risk   
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Want to know more about GovernX®?

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How to Respond to the Evolving Nature of Enterprise Risk

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Businesses are more reliant than ever on third-party relationships to achieve their goals. In fact, the third-party supplier ecosystem for most enterprises regardless of industry is only getting more complex. Companies need third-party vendors, but – in doing so – they expose themselves to a great deal of risk.

The rapid adoption of digitization and software-as-a-service technologies allows companies to move quickly, adapt to the market, and – on the most basic level – compete. But the nature of these technologies is that they require the exchange of data between the business and the third-party providers. The pressure from consumers and businesses for better protection of their personal and confidential information is growing. Every data breach in the news – and every new regulation (i.e., GDPR, CCPA, NYDFS, OCC, PCI, HIPPA) with a potentially hefty fine – raises the urgency.

For some time, enterprises have simply monitored their supplier landscape and conducted periodic, point-in-time risk assessments, which has been more or less effective for simpler ecosystems. Today, this is no longer enough. Fragmentation of third-party risk management programs is insufficient in giving companies a holistic view of their provider relationships and threats to supply-chain integrity.

In many enterprises, multiple risk-domain support groups are running independent, parallel provider-risk management efforts. Companies often lack a centralized repository for contextual relationship information – including everything from contract terms and conditions to contract deliverables, contract metadata, subcontractor information and service delivery location information – contributing to inefficiencies and ineffectiveness. On top of that, there is typically inconsistent use of technology to provide continuous information to stakeholders regarding third-party-related threats and a lack of adequate third-party risk management resources to manage the growing demands associated with expanded organizational and regulatory requirements.

Enterprises today must proactively monitor their entire landscape, including both operational performance and financial viability of their suppliers and a range of other internal and external risks, including data security, regulatory issues, adverse environmental, health and geopolitical events, and social responsibility, diversity and inclusion considerations.

Monitoring suppliers in real-time can bring important insights and spur preemptive action. For example, an enterprise that is testing a software-as-a-service (SaaS) application to incorporate into a consumer-facing service should monitor the financial viability of the SaaS provider. If the provider has over-extended its financial position, it would bring significant risk to the longevity of the SaaS application. In another example, public enterprises in Australia and Europe must monitor their supply chain to comply with new regulations regarding modern slavery. “Was not aware” is no longer a viable response and the companies are being held financially culpable for any infractions. This means they must monitor adverse news on all their suppliers to reduce the risk of financial penalties and maintain their own social responsibility.

CIOs and CSOs can lose sleep over the many red flags that are missed in the deluge of data that is generated every day. They need a more effective way to automate and manage their ever-growing portfolio of software and services contracts and understand potential risks to their supply chain, which have been amplified by the COVID-19 pandemic. They need the right information sent to the right team with a clear record of accountability and follow-through. But many companies are struggling to augment “point in time” supplier risk management methods with external monitoring services that provide continuous market intelligence. Only this can help them mitigate risk and prove to regulators and other stakeholders they have evaluated and acted on information in a timely way.

ISG GovernX® is the industry’s only vendor compliance and risk management platform that integrates contract information, strategic relationship management and real-time risk monitoring and alerts to pro-actively mitigate business risk – as they happen. Users can now add a variety of external data feeds to the platform for an unparalleled view of all potential risks, both within their specific supplier ecosystem and from the broader marketplace. Intelligent workflows identify and categorize each risk, alert the appropriate functions, and trigger automated responses, including targeted risk assessments to the suppliers involved.

Combined with our internal supplier performance monitoring, ISG GovernX clients now have a complete inside-out and outside-in view of each supplier’s operational performance, how it is meeting its contractual obligations, and how risks in the supplier’s business and in the broader marketplace can impact overall service and supply chain integrity.

About the author

Lois Coatney is a recognized expert in the field of Supplier and Contract Management. As Partner and President, ISG GovernX®, she drives innovation and industry leading practices in the area of service integration, supplier management, third party risk,  and operating model transformation. She brings more than 25 years of experience in IT operations transformation to her work with such ISG clients as Abbott, CNA, Exelon, Loblaw, Monsanto, Pitney Bowes and United Technologies.

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