Saving time and money with more efficient vendor management
Company Size
1,000+
Region
- America
Country
- United States
Product
- Ncontracts Manager
- Nvendor
Tech Stack
- Vendor Contract Management System
- Vendor Risk Management System
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
- Finance & Insurance
Applicable Functions
- Procurement
Services
- System Integration
- Training
About The Customer
Extraco Banks is a $1.4 billion-asset bank based in Waco, Texas. The bank has been a customer of Ncontracts since 2013 and its primary examiner is the OCC. The bank was looking for a way to organize contracts scattered across the bank and support the bank’s LEAN initiative. The bank was also concerned about unwanted auto-renewals slipping through the cracks and wanted to improve its exam preparation process.
The Challenge
Extraco Banks, a $1.4 billion-asset bank based in Waco, Texas, was facing a challenge with its vendor management. The bank was concerned about unwanted auto-renewals slipping through the cracks and needed a way to organize contracts scattered across the bank. This was also important for exam preparation and to support the bank’s LEAN initiative. The task of finding a solution fell to the manager of Extraco Banks’ LEAN initiative, who wanted a way to digitize and centralize vendor management.
The Solution
Extraco Banks decided to adopt Ncontracts’ Ncontracts Manager, a complete vendor contract management solution designed to eradicate the errors and unknowns that lead to higher risks and costs in contracts. Five years after implementation, Extraco Banks is enjoying the benefits of Nvendor. The bank is alerted to auto-renewals, avoiding unintentional renewals. It has all of its contracts in one place, making it easy to see exactly what products and services the bank has and review whether they are needed. It can also track start dates and exceptions like missing signatures. Nvendor, a complete vendor management solution, helps them manage third-party risk through vendor policy and procedures reviews, vendor risk assessments and other critical tasks.
Operational Impact
Quantitative Benefit
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