Vendor Risk Management

Fragmented Vendor Risk Management

Pharmaceutical companies face significant challenges with vendor risk management due to the complexities of handling a wide array of service providers, each with different risk profiles and performance metrics. Many companies rely on non-dedicated systems like Quality Management Systems (QMS) or Excel spreadsheets to track vendor performance and manage risk. However, these tools are typically limited in scope, designed to focus on quality event management, and often exclude critical areas such as budgeting, security, contract management, and performance evaluations. Vendor managers are frequently left out of the process, leading them to track financial, contractual, and operational issues separately, which creates a fragmented and inefficient workflow. The lack of centralized, cross-functional systems causes information silos, delays in decision-making, and increased risks of oversight. This situation is exacerbated by the absence of broader vendor inclusion, as non-GxP service providers, such as those in R&D or clinical supply, also require risk management. This reliance on manual tools not only slows down processes but also leads to significant inefficiencies and inflated budgets, particularly when outsourcing to Clinical Research Organizations (CROs). These inefficiencies, driven by a lack of adequate technology, cost the industry billions in unnecessary expenditures.

VISION Centralizes Risk Oversight

Strategikon’s VISION addresses the critical challenge of fragmented vendor risk management by offering a centralized platform designed to track, evaluate, and manage vendor performance across departments. VISION allows Vendor Managers, Clinical Operations, Finance, IT, and Quality teams to collaborate seamlessly, tracking everything from contract actions to quality incidents and governance meetings in a single system. By eliminating information silos and providing a comprehensive framework, VISION ensures that all vendor types—whether clinical or non-clinical, regulated or not—are effectively managed. It also connects to other internal systems or acts as the system of record, providing a relationship-centered approach that simplifies vendor risk management. This centralization improves transparency, efficiency, and decision-making while reducing the manual work required by current systems.

Enhanced Collaboration and Efficiency

After implementing VISION, pharmaceutical companies have reported a significant reduction in the time and effort required to manage vendor risks. By consolidating all vendor-related issues into a single platform, they saw an increase in cross-functional collaboration, which resulted in more proactive management of vendor performance. VISION reduced manual tracking errors by over 90%, streamlined contract management, and ensured that governance meetings and key risk evaluations were completed on time. The centralized data allowed for more informed decisions, saving companies millions by avoiding costly oversights and improving vendor relationships.

Streamlined Risk Management with VISION

In today’s complex pharmaceutical environment, effective vendor risk management is essential for maintaining high-quality standards and controlling costs. Strategikon’s VISION solution provides the transparency, efficiency, and collaboration necessary to manage vendor risks effectively, helping pharmaceutical companies mitigate risks, reduce costs, and ensure successful clinical trial outcomes. By centralizing vendor risk management, VISION empowers companies to stay ahead of challenges and focus on innovation.