Orum, the industry-leading live conversation platform, was faced with the challenge of efficiently managing its ever-expanding software portfolio. Carla Ferris, Controller at Orum, recognized the need for a solution that could streamline software procurement, eliminate rogue purchases, and negotiate cost-effective contracts. With the help of Vendr, Orum has overcome these challenges and achieved significant cost savings.
Before partnering with Vendr, Orum faced several challenges in its software procurement process. They relied on tedious spreadsheets, email requests, and manual reporting to manage their software contracts. Rogue purchases and unnoticed auto-renewals of contracts added complexity to their financial and security compliance efforts. As the company grew rapidly, it became increasingly crucial to establish a standardized, efficient process for software procurement and contract negotiation.
Orum found a comprehensive solution in Vendr, who streamlined the entire procurement process from start to finish by introducing structured workflows and standardized approvals. The process now starts with a Vendr intake, followed by approvals from the Finance department and a quick security review. Vendr then makes contract negotiations a breeze by providing proven negotiation tactics to the Orum team to ensure they are getting the best price. After negotiations, the contract goes through final checks and signatures, ensuring that it aligns with the company's budget, legal requirements, and security standards.
Since implementing Vendr, Orum has experienced remarkable benefits:
- Cost Savings: Vendr has enabled Orum to save significantly on software contracts through expert negotiation and optimized supplier relationships.
- Workflow Efficiency: The introduction of structured workflows has eliminated the chaos of email and Slack-based requests, providing a consistent and efficient process for SaaS procurement.
- Visibility and Reporting: Vendr's reporting capabilities have empowered Orum to stay on top of contract renewals, preventing unwanted auto-renewals and ensuring better financial planning.
- Time Savings: Leadership and team members are no longer burdened with the complexities of contract negotiation, allowing them to focus on strategic tasks and company growth. Supplier data, insights and pricing benchmarks are easily accessible.
- Educational Value: Orum employees have gained valuable negotiation skills and insights from Vendr's expertise, which can be applied beyond just software procurement.
Orum's journey with Vendr has not only streamlined their software procurement process but also resulted in substantial cost savings and improved compliance. With Vendr's assistance, they have successfully managed their software contracts, eliminated rogue purchases, and improved negotiation tactics. As Orum continues to grow, they look forward to leveraging Vendr's expertise to handle upcoming contract renewals and further optimize their software portfolio. Vendr has proven to be a valuable partner in Orum's quest for efficient and cost-effective software procurement.
Orum is the AI-powered Live Conversation Platform built to drive more opportunities for your sales team and more revenue for your business.