STAMFORD, Conn., March 17, 2020 (GLOBE NEWSWIRE) -- Enterprises can now leverage cognitive technology and optimized workflows to mitigate supply chain risks and deliver up to 30 percent more value from their outsourcing spending with ISG GovernX® 2020, the newest version of the ISG digital supplier and risk management platform launched today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
ISG GovernX 2020 automates the management of the entire end-to-end contract lifecycle and provides a complete, customized “single pane of glass” view of the user’s contract and supplier ecosystem to improve supplier performance, decrease spend and reduce third-party risk.
Clients have realized more than $100 million in cumulative savings to date using ISG vendor management solutions, said Lois Coatney, partner and president, ISG GovernX.
“Global enterprises are challenged with managing their complex provider ecosystems, especially in times of crisis when mitigating supply chain risks and ensuring business continuity become paramount considerations,” said Coatney. “ISG GovernX 2020 automates provider orchestration and relationship management to give enterprises new power to avoid risk and deliver the best business outcomes from their third-party services portfolio.”
ISG GovernX 2020 users now can easily manage new contracts and proactive renewals, make timely amendments and handle contract terminations—all on one platform. To strengthen crisis response, ISG GovernX clients are able to review providers’ business and IT continuity plans and procedures, validate they meet requirements and ensure service delivery performance will remain consistent even if continuity plans are invoked.
ISG GovernX 2020 digitally stores all contract deliverables and obligations, key clauses, and other meta data. Users can retrieve key information, manage each version of every contract and document via the document library, and stay current on spending and delivery. Automated alerts and interactive dashboards allow immediate responses to delivery risks and ensure no deadlines are missed.
To maximize the value in supplier relationships, the platform uses advanced predictive analytics to identify and act on key supplier performance and cost metrics, while also assessing supplier delivery against schedules, regulations and specific contract requirements. Enhanced automation also validates invoices against contractual baselines and flags discrepancies, identifies exceptions and tracks savings, delivering up to 30 percent more value from outsourcing spend.
“There are immense benefits from outsourcing to numerous specialized providers, but that also comes with added cost, risk and time-consuming administration,” Coatney said. “The ISG GovernX 2020 platform brings clarity to the complexity of today’s contract management lifecycle, drawing on ISG data and insights derived from more than $450 billion of transactions we have facilitated between enterprise clients and suppliers.”
ISG GovernX 2020 is built on the ServiceNow platform, with easy integration to other enterprise applications and connections to ISG tools and insights, such as benchmarks, assessments, research and total-cost-of-ownership evaluations.
For more information about ISG GovernX 2020, visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
# # #