Credit unions save an average of 20 percent with ePurchasing
Tallahassee, FL, March 8, 2012 – Keeping up with vendor contracts is a full-time job for credit unions and when it comes time to renew or seek new contracts, the staff hours used can be overwhelming. LEVERAGE, the League of Southeastern Credit Union’s service corporation, has a solution that is saving credit unions time, money, and resources. Ventelligence is a vendor management system that is quickly becoming a trusted tool for contract management and contract procurement. LEVERAGE and the Pennsylvania Credit Union Association (PCUA) are collaborating to bring credit unions in Pennsylvania the Ventelligence system along with its revolutionary buying platform called ePurchasing.
Ventelligence is fully automated and includes contract management, risk assessment and due diligence, as well as ePurchasing. The contract management tool streamlines the process and reduces staff hours when it comes to identifying information that needs to be viewed and tracked through a web-based contract database. Risk assessment and due diligence is performed on all third-party vendor relationships and placed into three categories; high, moderate, and low. Categories are determined based upon the complexity of each relationship and with an emphasis on NCUA-identified risk areas. The ePurchasing process is the key to what makes it so much more powerful than traditional purchasing methods. Competing companies, invited into a live bid environment, are encouraged to more aggressively bid against one another to win the credit union’s contract. The savings through ePurchasing averages more than 20 percent.
“We’ve been working hard the past year to look for opportunities to collaborate with more leagues and service corporations,” said LEVERAGE President/CEO Patrick La Pine. “Ventelligence and ePurchasing are changing the way credit unions manage and sign new contracts. It makes perfect business sense to work with service corporations to offer these products to as many credit unions as possible. The monetary and staff hours’ savings allow credit unions to continue to serve their membership and not spend more time than is necessary on contract management.”
Bringing Ventelligence and ePurchasing to Pennsylvania’s more than 500 credit unions will help them improve their efficiencies and save significant money. The impact on credit unions should be immediate.
“The Association continually looks to partner with providers that can enhance the operations or services of our member credit unions,” said PCUA President/CEO Jim McCormack. “We are pleased to partner with LEVERAGE to add Ventelligence to our offerings.”
Pennsylvania credit unions interested in learning about Ventelligence should contact their PCUA Account Executive or call 800-932-0661.
LEVERAGE, the Service Corporation for the League of Southeastern Credit Unions, is the business services provider that leverages credit union system resources, relationships, and industry knowledge for optimal performance and sustained growth of its clients and business partners. We work to offer credit unions best-in-class products and services that result in reducing costs, maximizing results, and making the most difference. For more information, visit myleverage.com or follow LEVERAGE on Twitter.
The Pennsylvania Credit Union Association is a trade association that provides legislative, promotional, educational and operational support for nearly 400 credit unions in Pennsylvania. For additional information about the Pennsylvania Credit Union Association, visit www.pcua.coop, Facebook or Twitter.