Cost Management Performance Group

VendorINSIGHT


4.5 / 5
22 reviews

Who Uses This Software?

VendorInsight is very configurable & is used by companies in all types of industries. Our primary customer base includes financial institutions from $100 Million in assets to $60 + Billion in assets.


Average Ratings

22 Reviews

  • 4.5 / 5
    Overall

  • 4.5 / 5
    Ease of Use

  • 5 / 5
    Customer Service

Product Details

  • Starting Price
    Not provided by vendor
  • Free Demo
  • Deployment
    Cloud, SaaS, Web
  • Training
    Documentation
    Webinars
    Live Online
    In Person
  • Support
    Online
    Business Hours

Vendor Details

  • Cost Management Performance Group
  • www.vendorinsight.com/
  • Founded 1998
  • United States

About VendorINSIGHT

VendorInsight is a web-based vendor risk management solution that simplifies your vendor and contract management process through automated workflows, easy-to-use features & vendor news/risk monitoring. Designed for financial institutions, healthcare companies, law firms, & other companies; VendorInsight provides a turn-key solution with 100% regulatory compliance guaranteed! Pre-built policies, vendor portals, templates & forms, simplifies due diligence, contract monitoring, & risk management.


VendorINSIGHT Features

  • Audit Management
  • Contact Management
  • Customer Database
  • Self Service Portal
  • Supplier Master Data
  • Transaction History
  • Vendor Maintained Profiles
  • Vendor Managed Inventory
  • Vendor Performance Rating
  • Vendor Qualification Tracking

VendorINSIGHT Reviews Recently Reviewed!


It has helped us enhance our process by providing consistency and strong control and monitoring

Dec 13, 2017
4/5
Overall

4 / 5
Ease of Use

3 / 5
Features & Functionality

4 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 9.0/10 Not
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Pros: The tracking function has been a great help to our bank and is easy to use. I also like the risk assessment process and the consistency that it provides across the board. I like that it sends email reminders out to the vendor owners.

Cons: The parameters around how reminders are set. I wish there was more flexibility on who could receive critical reminders without them having to receive all reminders on a vendor.

Overall: The tracking and monitoring of our vendor process has been greatly enhanced since we implemented VI. I also appreciate the emails we receive on upcoming regulatory changes. I think that our relationship with VI helps keeps us current and proactive in managing risk around the vendor process.

Vendor Response

by Cost Management Performance Group on December 15, 2017

Thanks Ann, we appreciate your feedback! There are ways to configure alerts to be sent to specific users. Your Program Administrator should have already contacted you to help configure the alerts you are trying to generate. We're constantly looking to improve upon our system and will definitely place your suggestions about critical reminders to our strategic roadmap if needed. We look forward to continuing our work together on your vendor management program!

Vendor Insight - The Best Third-Party Risk Management Tool in the Industry!

Sep 25, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality
Likelihood to Recommend: 10.0/10 Not
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Pros: The tool is easy to use and you always have a dedicated person to you that will assist you with any questions you may have.

Cons: There is nothing I do not like about it.

Overall: I have been using Vendor Insight for over 7 years and it is the only tool that I will use for Third-Party Risk Management and the reason why my Vendor Management program continues to succeed. Regulators will praise you for using such a great tool, Internal Audit will love how easy it is to track your vendor due diligence, and your employees will thank you for choosing a tool that is so easy to use.

My account representative and the rest of the senior leadership team are amazing and are always looking for ways to help me improve my overall program.

If you are looking for a Third-Party Risk Management tool, I strongly recommend that you use Vendor Insight as it will help you build the robust program that your organization requires.

Vendor Response

by Cost Management Performance Group on October 03, 2018

Hi Luis! Thank you so much for your feedback. It¿s important to us offer a vendor management solution that¿s both comprehensive and intuitive. We¿re looking forward to continuing to work with you. ¿ Lindsey

Capterra loader

I have never used a software where the support people are as powerful as the software itself.

Dec 12, 2017
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: I bid several contract management programs against each other and this one stood out heads above all the others. its hard to take a single attribute and point that out as my favorite because each of the pieces fit so complimentary together that its hard to single out a specific part. I love that I can assign a specific contract or contracts to specific individuals and set alerts which are customized so that that only the correct audience is notified.

Cons: Hard to find something that's my least favorite. I think it would be that the way things are bundled. We knew going in that we would not be able to implement the vendor performance piece for quite a while yet it was "included" and I have this empty feeling in my gut that we are paying for something that we don't use.

Overall: I've tracked money in savings directly attributed to VendorINSIGHT by managing renewals so that we are in front of the contract renewal life cycle. I have already forecasted savings for 2018 based on the licenses we were able to cancel in time for the renewal.

Vendor Response

by Cost Management Performance Group on December 15, 2017

Garth, it is great to read such good feedback from you! We're glad you've enjoyed working with our Service Team--we agree, they're some of the best! We're excited to grow with Rakuten and watch this partnership develop.

A function-rich solution for a complex challenge

Oct 14, 2016
5/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: Completeness of functionality

Cons: Since the problem it solves is complex, the solution platform can be a bit complex too for a casual user. However, once an organization focuses on customization of the platform to their specific needs, it becomes a highly valuable tool.

Overall: I have implemented Vendor Insight in two separate companies. In the second organization ( my current) we have had the opportunity to truly focus on our vendor management program and have been able to delve into the functions afforded to us by the platform. VI is extremely function-rich and though I wouldn't necessarily recommend doing a totally decentralized Vendor management program where large numbers of vendor relationship managers are using the platform, it does provide a strategic and well-designed platform for oversight and management of a partially centralized approach to vendor management. We were so impressed with our initial experience and subsequent work (with on-going upgrades) that we also licensed the BCPI module as well. This is a strategic platform for our bank, both for vendor management and, more importantly, for risk management.

Recommendations to other buyers: Spend time with the initial questionnaires that the platform provides you, being sure to understand what actions requirements result from certain answers to the questions. It behooves you to customize the questionnaire to insure that relationship managers understand the questions and that the answers result in appropriate control requirements. In other words, customize so that every vendor doesn't result in a High Risk assessment.

Vendor Response

by Cost Management Performance Group on October 17, 2016

Walter, we loved reading such thorough feedback! all of our improvements and updates are built upon the input of our customers, so thank you! We're excited to continue serving Peoples Bank of NC in your vendor management and business continuity goals.

VendorINSIGHT Does the Job!

Oct 14, 2016
5/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: The alerting feature

Cons: -

Overall: This has been a transition time for our company. In 2015 we started implementing VendorINSIGHT and in early 2016 we trained our managers how to use it. I also transitioned into the Vendor Management position in March after the prior person who was managing vendor retired. My initial experience is that we were trying to make our prior program fit with VendorINSIGHT and it didn't work as well as we thought it would. Since then I have had to revisit the 'method' of how we risk rate and manage the vendors to fit the needs of our company. We are making good progress and I anticipate that we will have everything running smoothly in the beginning of 2017. We love the alerting capabilities and the flexibility of how to set up the alerting. The staff is great at CMPG.

Vendor Response

by Cost Management Performance Group on December 13, 2017

We appreciate the feedback Greig! Thanks for hanging in there with us as we go through a transition time at Canadaigua. We look forward to working with you more in the upcoming months!

Revamped Our Program

Sep 30, 2016
5/5
Overall

4 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: Various features, not just a contract repository

Cons: It's a little clunky moving between screens

Overall: VendorInsight has helped us take our vendor management program from almost nothing to compliant to robust over the last few years. The customer support is great and very quick in responding. Also, VI is constantly improving, offering new features with input from the user base and regulatory changes.

Recommendations to other buyers: No

Vendor Response

by Cost Management Performance Group on September 30, 2016

Ryan, we're thrilled to hear such good feedback from you! We look forward to growing with Univest and continuing to build upon your input.

Best Third-Party Risk Tool in the Financial World

Mar 08, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: The tool is very easy to use, user friendly for not just myself as an administrator but my users are very happy with the tool.

Overall: Ease of mind with regards to daily monitoring of our vendors.

Vendor Response

by Cost Management Performance Group on March 09, 2018

Luis,

You are one of the best vendor managers a company could ever dream of having on board. We are so grateful to have the opportunity to work with you! Thank you for the positive feedback!

Ryan Fox
Director Sales & Marketing

VendorInsight

Oct 03, 2016
4/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Comments: The team at CMPG is very responsive and always courteous. They do go above and beyond with requests and incorporate recommendtions into their subsequent updates. The product has no glitches. It could be a bit more user frindly as it currently looks a bit bare bones.

Vendor Response

by Cost Management Performance Group on October 04, 2016

We appreciate your feedback Riquet! And thank you for your recommendations--we are constantly trying to improve upon our customers' input!

Vendor Management Made Easy

Aug 20, 2018
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality
Likelihood to Recommend: 8.0/10 Not
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Pros: Tracking and alerting feature is great for getting completeness over vendor risk assessments being performed for all vendors. Application is good for keeping track of contracts and organizing when things are due. Easy to use for generating reports and to custom build reports as well.

Cons: It would be great if there was a feature to remind about review of the permission-based user access to ensure that all access is granted appropriately.

Vendor Response

by Cost Management Performance Group on September 11, 2018

Thank you for your feedback! We¿re happy to hear that VendorInsight¿s tracking, alerting, and reporting features have helped you manage your contract dates, risk assessments, and other important aspects of your risk management program. We¿re proud to offer comprehensive, easy-to-use reporting and alerts features. Also, thank you for your suggestion regarding review of user access. We have user reporting capabilities that may suit your needs. Please reach out to me at lmchenry@cmpg.com or to your Program Administrator for additional information. ¿ Lindsey

Great people supporting a very robust platform.

Sep 30, 2016
4/5
Overall

3 / 5
Ease of Use

3 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: How it organizes and stores documents. The single most helpful feature is how it allows you to answer a few questions about each vendor and gives you the list of documents needed for each vendor.

Cons: They are always doing upgrades but two of the upgrades that I would still like to see would be bulk file uploading and allowing the vendor to upload their own documents.

Overall: After looking at a number of different products we decided to go with Vendor Insight. The vendor management software solution has been tremendously helpful in organizing our vendor documents and identifying risks. The people backing this software are a great resource as well. Highly recommended.

Vendor Response

by Cost Management Performance Group on November 09, 2016

Dustin, we are elated to hear such great feedback from you! We are excited for the opportunity to serve Westlake Financial Services and build upon your input for new features. You may not be aware but we do have the ability for bulk uploading through your Program Administrator. We also have a Vendor Portal to allow vendors to upload their own documents. Please ask your Program Admin for more information.

Great Vendor Management Software

Oct 14, 2016
4/5
Overall

5 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 8.0/10 Not
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Comments: Our bank has been using this software for approximately a year now and we are very pleased. The quality and ease of use of this software is awesome. We have had great customer service and they have help guide us along the way with getting our vendor management program up and running.

Vendor Response

by Cost Management Performance Group on October 17, 2016

Thanks for the review Tawna! We are happy to hear you have had such a good experience with our software and services so far, and we look forward to the ways we can help out moving forward!

VendorInsight is easy to implement and use. Thanks to the great customer service and support Teams!

Dec 12, 2017
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: Easy to follow process flow within software. Great features such as alerts, compliance requirements, questionnaires, risk assessments, and vendor scorecards.

Cons: It takes some time to get used to the workflow, but once you have that down, it flows pretty easily.

Overall: Our Vendor Management process was completely manual. With VendorInsight, we were able to automate the work flow and centralize all vendor documents.

Vendor Response

by Cost Management Performance Group on December 15, 2017

Patti, we loved reading your feedback! Customer service is the backbone of what we do and I'm glad you've experienced the fruit of that. We're excited to continue serving USAmeriBank in your vendor management goals.

Capterra loader

Great System!

Dec 18, 2017
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: The biggest pro is that you can reach out to the staff at VI anytime with questions you may have. They will walk you through every aspect of the software.

Cons: We have yet to encounter an issue with the system. No problems as of yet. The system can take a minute to get used too.

Vendor Response

by Cost Management Performance Group on December 27, 2017

Thank you, Kyle! We appreciate the feedback and look forward to more on site working sessions with FIFS in the future. I hope to see you at our 2018 User Group Conference again in May! - Dalton

Vendor Insight Review

Sep 30, 2016
4/5
Overall

4 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 8.0/10 Not
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Pros: Customizable options for each data set you need. Reporting and Query

Cons: Difficult and tedious to set up the Performance Metrics section

Overall: Fairly new user to the software, about 60 days in so far. It is easy to use and navigate and very easy to upload documents. With being a newer user, I have had a lot of questions and the support group has been great as well as arranging for a day training session to learn the best benefits of VI. The feature are customizable which is a key for my since a deal with a lot of different types of Third Party VM

Recommendations to other buyers: Not at this time, still fairly new user so might have some advice in the near future.

Vendor Response

by Cost Management Performance Group on September 30, 2016

Craig, thank you for the review! We're happy to have you on board and look forward to serving United Bank.

VI would be more useful if it could be used to facilitate due diligence vs just housing the docs.

Dec 12, 2017
3/5
Overall

3 / 5
Ease of Use

2 / 5
Features & Functionality

4 / 5
Customer Support

2 / 5
Value for Money
Likelihood to Recommend: 4.0/10 Not
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Pros: That it can hold all contracts in one place and make them easily accessible. The reporting function are also very nice and user friendly.

Cons: As you go through due diligence sometimes the info people produce is not correct. There needs to be a mechanism for being able to work on some of the requirements through VI. The system currently assumes all documents are filled out correctly the 1st time.

Vendor Response

by Cost Management Performance Group on December 15, 2017

Thank you, we appreciate your feedback. There are ways to validate documents are filled out correctly within the system today however, these features may not be utilized and/or enabled within your system. Additionally, VI 8.0 will be released in early 2018 and will include several updates to make the interface more user-friendly, and many of your concerns may be addressed in that update. Regarding your concerns with the software, we'd love to schedule a time to go over them together and walk through how we can better serve your needs. We're always looking to improve so please continue to express your feedback with us!

Exceptional Customer Service

Sep 29, 2015
5/5
Overall

5 / 5
Ease of Use

5 / 5
Customer Support

Comments: Vendor Insight has been a blessing. Not only does the Vendor Insight software allow my bank to store and management my vendor contracts but it allows us to conduct risk assessments and fulfill the many demands from our regulators. in addition to this, the service provided by the account managers at Vendor Insight is the best from any other vendor we have worked with. Our account representative (Amanda) is skilled, always available and the best attribute to our relationship with Vendor Insight. I would recommend Vendor Insight to anyone looking to streamline their contract risk management and those who need to meet their regulators demands.

Kirsten Monson and Jay Fitzhugh have been amazing assisting in our implementation of VI

Sep 30, 2016
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money

Comments: Kirsten and Jay have been so completely wonderful to work with during our VendorINSIGHT Implementation. They have given excellent customer service in every way possible during this project. Thank you for all of your expertise and helpful support. What a great experience.

Vendor Response

by Cost Management Performance Group on October 03, 2016

Alesia, it's great reading such good feedback from you! We're glad you've enjoyed working with Kirsten and Jay--we agree, they're some of the best! We look forward to continuing our work with you at Alaska USA Federal Credit Union!

It is tough to navigate. Should be a better way to streamline attributes

Dec 12, 2017
3/5
Overall

2 / 5
Ease of Use

2 / 5
Features & Functionality

4 / 5
Customer Support

3 / 5
Value for Money

Pros: It puts all vendors in 1 convenient place. That helps because it saves me time and time is money!!!!

Cons: See top review. I like the software overall but it could be a little more user friendly when it comes to navigating the site

Vendor Response

by Cost Management Performance Group on December 15, 2017

Brian, thanks for taking the time to post your review of the software! We're excited to release VI 8.0 in early 2018, which includes a redesigned interface to enhance overall user-friendliness, as well as other improvements. Your Program Administrator should have already reached out to show you these new features as well as offer times to view the updated system with our Director of Sales. We are always looking for ways to better serve our customers and the best way we can do that is by listening to your feedback and requests, and we hope that you'll continue to provide feedback as our partnership continues!

Great Navigability!

Sep 30, 2016
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

4 / 5
Value for Money
Likelihood to Recommend: 10.0/10 Not
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Pros: The accessibility of customer service, and their willingness to train and always answer questions.

Cons: It takes a minute to get used to, but, it's not difficult.

Overall: The customer service is excellent - they are always willing to help.

The website is very self explanatory and well thought out. It looks different from the typical software, so, it takes a minute to get used to.

Recommendations to other buyers: It seems to serve it's purpose.

Vendor Response

by Cost Management Performance Group on September 30, 2016

Elduise, thank you for the feedback! We are happy to hear you have found our customer service to be continuously excellent and that our software has been serving you well at Industrial Bank.

Great Vendor Management Solution

Oct 30, 2015
5/5
Overall

5 / 5
Ease of Use

5 / 5
Customer Support

Comments: VI provides a very easy to use interface for our vendor management needs. The staff is very helpful and knowledgeable. They also assist in providing sample policies and procedures.

Due to the robust nature of the system it needs to be continually monitored for vendor updates. Emails are automatically generated which assist in that process as well.

Vendor news alerts are also very helpful and timely.

Vendor Contract Management made easy

Sep 30, 2016
4/5
Overall

4 / 5
Ease of Use

4 / 5
Features & Functionality

5 / 5
Customer Support

3 / 5
Value for Money

Comments: Customer service off the charts and the system follows the rules and requirements for Vendor Contract Management ensuring that your company stays in compliance.

Vendor Response

by Cost Management Performance Group on September 30, 2016

Keenan, thank you for the feedback! We're proud to offer our customers excellent service and expert solutions.

Easy to use.

Dec 20, 2017
5/5
Overall

5 / 5
Ease of Use

5 / 5
Features & Functionality

5 / 5
Customer Support

5 / 5
Value for Money

Pros: I am able to add an unlimited number of vendors as needed. The customer support has been excellent.

Vendor Response

by Cost Management Performance Group on December 27, 2017

Thank you for the feedback William! We are appreciative when new clients take advantage of the full capabilities in VendorInsight® from day one. We look forward to providing you with continued support as your program continues to grow.