Extensiv, a rapidly growing company dedicated to creating the future of omnichannel fulfillment, struggled to manage their sprawling software systems until bringing in Vendr to streamline their procurement process and optimize software management.
Extensiv was caught in a tangled web of managing countless software systems, and it was taking a toll. The fallout? An annual drain of tens of thousands chalked up to avoidable blunders like auto-renewals.
But the hurdles didn't stop there. Kevin Trosian, Extensiv’s CFO, explained that the company grappled with outdated emails, staff changes, and pending bills. The result was temporary software blackouts and work delays that threw a wrench into their operations.
In one particularly painful episode, the team almost let an essential go-to-market software renewal slip through their fingers. The renewal agreement and vital details were scattered across emails of present and past employees. It was an oversight that nearly cost them dearly - the team wasn't aware the renewal was overdue until an alert hit the system saying it would cut off their access. It would have taken an entire day to troubleshoot and revive the account. The unplanned interruption could have meant a full day's loss of potential earnings and opportunities to build relationships simply because they couldn't get the needed information.
Extensiv desperately needed a tool that could keep a handle on vendor relationships, actively manage renewals, offer a bird's eye view of their software lineup, and do all this without stretching the already overworked procurement and finance teams any further. All the while, it had to be a cost and time-efficient solution.
Vendr proposed a comprehensive solution at a flat rate per year, promising significant savings in both time and money. By directly engaging in software cost negotiations and contract renewal management, Vendr provided immediate relief to Extensiv's team.
"When I learned about Vendr's flat fee, it made perfect sense. They understood the value of my time and provided a solution that would save me a significant amount of it."
To Kevin, it was clear as day - Vendr would save him 10+ hours per month and quickly pay for itself.
For example, Vendr successfully negotiated a price increase from 30% down to 15% with DocuSign, a deal that Kevin admitted would have been impossible without Vendr's key community insights and procurement prowess.
Moreover, Vendr's systematic approach to contract management brought much-needed organization to Extensiv's operations. Vendr's platform captured all contracts, including those with consulting firms, and sent renewal alerts to prevent missed or overdue contracts – getting the team out of fragmented email approvals. Kevin explained:
"Having a contract management system helps prevent such problems, ensuring we never miss a bill."
Vendr's solutions yielded impressive results for Extensiv.
In negotiations with Salesforce, Vendr secured a 12 percent reduced rate per user, surpassing Extensiv's sales and marketing team's expectations. Further, during negotiations with Maxio, Vendr's involvement facilitated a smoother process and ultimately secured a more favorable price.
The benefits of partnering with Vendr extended beyond monetary savings. Extensiv controller, Teddy Hermann expressed gratitude for Vendr's assistance: "Jake [from Vendr] saved me a lot of time and headache. I can't quantify the hours he saved me. It was a relief not to handle it alone."
The alleviation of administrative burdens allowed Extensiv's team to focus on its core responsibilities, like managing team members and strategic business operations.
Furthermore, Vendr's proactive approach to contract management and invoicing significantly improved Extensiv's active procurement processes, preventing software shutdowns and operational interruptions that had previously hindered the company's progress.
A Partnership Built on Trust and Expertise
Vendr's efficient contract management system, skilled negotiation tactics, and collaborative approach saved Extensiv valuable time and resources and enhanced reliability and security in managing their software contracts.
Kevin affirmed this sentiment:
"Vendr has been an additional team member... adding value at a lower cost."
Building adaptable and trustworthy fulfillment networks, Extensiv connects brands and 3PLs to exceed consumer expectations.
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