SOURCE: ITM Software

January 29, 2008 07:00 ET

Enhanced ITM Vendor Management Solution Drives Down Vendor Costs and Lowers Compliance Risks

New Portfolio Approach and Integrated Financial Analysis Enables Organizations to Save Millions Annually on Vendor Spending

SANTA CLARA, CA--(Marketwire - January 29, 2008) - ITM Software, the leading provider of IT business management solutions, today unveiled the next generation of its Vendor Relationship Management (VRM) module for the ITM Business Suite. VRM 3.6 makes it possible for companies to reduce their overall IT vendor spending as much as 10 percent by applying a portfolio-based approach to tracking and managing the complete vendor lifecycle. With most IT organizations spending nearly half of their annual IT budget on vendors, this equates to millions of dollars in savings.

This VRM release was developed through extensive work with some of the world's top financial institutions, where vendor management operations are under increasing regulatory scrutiny. Specifically, ITM has enhanced VRM with a new portfolio focus, expanded its analytics and added new workflow templates to support the complete vendor lifecycle. Because these capabilities are delivered in a single solution that fully integrates with the ITM Business Suite, IT organizations now have the tools to reduce vendor risk and support compliance initiatives, while optimizing vendor value.

"Today's regulatory environment, coupled with an increasing reliance on third-party products and services, is forcing enterprises to seek complete visibility into relationships with strategic product vendors, service providers and outsourcers," said Hank Leingang, chief executive officer of ITM Software. "While solutions such as ERP, e-procurement and contract management typically focus on hardware and software providers at a point-in-time, only ITM drives visibility across all IT vendors and controls the entire lifecycle, from acquisition and rationalization to performance management and regulatory compliance."

"IT financial management and vendor management are the next growth areas as companies look to have a more holistic picture of the performance management of IT and as more of the actual delivery of IT services comes from third parties that need to be managed," said Dennis Gaughan, in the AMR Research Report, "The IT Management Spending Report, 2007-2008: Security Moves to the Head of the Class."

About ITM VRM 3.6

Drawing on ITM's domain expertise in all aspects of IT business management, ITM VRM is uniquely suited to the needs of the IT Vendor Management Offices (VMO). Version 3.6 offers three important enhancements: a portfolio approach to vendor management, more extensive, full support for the vendor process lifecycle and analytics.

--  Lifecycle IT Vendor Management - Only ITM provides integrated support
    for defining and tracking standardized governance processes for every
    aspect of IT vendor management from cradle-to-grave. Easy-to-define
    templates enable IT to ensure consistency across lifecycle processes
    such as RFP issuance and vendor selection, on-boarding, "get well"
    activities, performance management and even vendor retirement. Clearly
    defined, consistent processes greatly reduce risk and make it possible
    to efficiently ensure compliance with various vendor management
    requirements.

--  Portfolio Approach - VRM gives organizations a way to categorize,
    analyze and manage vendors, consultants and suppliers as a group, as
    well as individually. By grouping and analyzing sets of vendors, IT
    organizations can more easily control their total number and implement
    appropriate management processes based on the type and nature of each
    vendor and risk. IT organizations can then devote the majority of their
    energy and attention to key vendors, while ensuring that "commodity"
    suppliers receive appropriate attention.

--  Enhanced Vendor Analytics - VRM's out-of-the-box dashboard analytics
    and report templates provide important insights into the business
    impact, financial spend and governance status of single vendors or
    portfolios. Enhanced financial analysis enables organizations to see
    where vendor spend is over budget or unexpectedly low--both indicators
    of problems. In-line calendars provide individual users and Vendor
    Management Officers with summaries of critical milestones, such as
    approaching contract renewal dates or risk assessments. A library of
    report templates includes a broad set of analytics, including asset
    license allocation and usage information, contract details and detailed
    vendor impact reports.

About ITM Software

ITM Software provides CIOs and IT organizations with software products and services that advance the business management of Information Technology. The ITM Business Suite delivers the visibility and control required to make fact-based decisions regarding IT finance, vendors, people, assets, projects, and compliance. Comprised of former CIOs and IT leaders, the ITM team provides best practice expertise in IT Business Management, enabling clients to drive down costs, better align IT with business objectives, and deliver more business value. Founded in 2001, the company serves IT organizations within Fortune 2000 corporations, government agencies, and universities. ITM Software is privately held and is headquartered in Santa Clara, California. For more information, visit www.itm-software.com.

Contact Information

  • MEDIA CONTACT:
    Maria Krinsky
    Kickstart Consulting
    (415)509-0498
    Email Contact