Stanley Steemer was offered the opportunity to significantly expand its service portfolio and add a new revenue stream – but that meant the company first had to significantly upgrade the way it managed its third-party suppliers.
Stanley Steemer, best known for carpet cleaning, is a family-owned company with 63 branches and 220 franchise locations. At the time, it had a very manual approach to vetting and onboarding potential vendors and other third parties. The process required a substantial amount of low-value, resource-intensive work to track down isolated documents, contracts, and approvals, which were often stored in different areas of the organization. This also made integrating key third-party information and analyzing supplier risks nearly impossible.
To take on this new business opportunity, Stanley Steemer would have to vet, onboard, and manage 10-12 new vendors at each operating location – a daunting task given its inefficient, manual approach.
The leadership team quickly realized that modernizing and automating the third-party management process would be instrumental to success.
“We turned to Riskonnect for the solution, and they delivered.”
Workers’ Compensation & Vendor Risk Manager, Stanley Steemer
Stanley Steemer implemented Riskonnect to streamline and centralize vetting, onboarding, and managing its growing list of vendors.
With Riskonnect, Stanley Steemer can:
- Easily manage contracts, insurance certificates, and W-9 compliance.
- Save time and improve reliability by automating workflows.
- Provide a digital portal for third parties to submit information and responses.
- Track compliance of third-party suppliers’ insurance certificates.
- Seamlessly submit third-party suppliers’ W-9s to accounting.
Riskonnect drastically cut the time and costs of onboarding vendors and other third parties. As a result, Stanley Steemer was able to profitably expand its service portfolio, take advantage of the new revenue opportunities, and improve the way it manages its third-party relationships.
The company’s third-party supplier data is now centralized in one platform, which:
- Simplified third-party contract and tracking.
- Reduced labor, TPA, and broker costs.
- Increased contract control, management, and compliance.
- Freed time and resources to focus on more strategic, value-added tasks.
- Improved decision-making through sophisticated, yet easy-to-use, reporting and analytics.
Stanley Steemer now knows which vendors are compliant and which services that can provide at any branch. Says Middendorf: “Ultimately, this ability has increased our revenue – and saved us money.”
For more on Stanley Steemer and how technology can reduce third-party risks, check out our on-demand webinar.
If you’re ready to draft an RFP for a third-party risk management solution, download this list of the most critical TPRM-related questions, which can be easily modified to suit your needs.