Introducing ... Pulse!
PayShepherd’s fundamental belief is that vendor relationships are the core of industrial success. Yet for too long, a lack of data around service vendor management has left people exposed. Risk is off the charts and performance is not rewarded. As a result, billions of dollars are wasted every year and countless relationships ruined forever.
The typical facility sees more than 42 percent of human capital spend allocated to outsourced vendor service providers. That makes vendor management a massive risk category.
Our intelligent platform provides millions upon millions of vendor-related data points, bringing incredible value to various teams and leaders across facilities and assets. It’s important that the software and the service surrounding it support clients to see that data, but furthermore to interpret it in ways that drive practical action and positive outcomes. Clients have come to expect dynamic dashboard reporting for the specific information they need, when they need it.
But PayShepherd’s team knew they could go beyond that. They envisioned the ability to provide actionable and insightful information that’s important to the multitude of people involved in service vendor management. Today, they’re proud to announce they’ve achieved it with PayShepherd Pulse.
“There are huge opportunities around vendor management,” said Wesley Sessenwein, CEO, PayShepherd. “Not just within the visualization of the data day-over-day, week-over-week or period-over-period, but also in the actual notifications that raise their hand for you, letting you know–‘there’s something here you need to address, and here’s what it is.”
Pulse changes the game for industrial facilities relying on service vendors to operate. Its advanced reporting capabilities and customizable dashboards have become the most valuable asset for all stakeholders involved in service vendor management, including:
- Procurement Leaders
- Maintenance Planners
- Turnaround Managers
- Accounting & Finance
- Engineering Managers
- General Managers
- Any key stakeholder
All of these professionals and their teams care deeply about the larger business outcome but each needs to see different data sets to be successful in their role. At any time, they can ask Pulse for the specific details they need, such as:
- “Can I get a complete list of all workers that were present on our site yesterday? This is very important for regulatory and compliance commitments”
- “How much of my spend is truly local and regional?”
- “How much should I accrue this month?”
- “What was the spend by vendor yesterday?”
- “What was a particular vendor’s progress, week over week, since the project started?”
- “Which of our maintenance or capital projects is at risk of exceeding the planned budget?”
- “Which of my vendors need additional coaching on process adoption?”
“Just like a heart pulse, industrial facilities are now able to measure the pulse of their vendor relationships in seconds, not months,” said Thomas Paris, Director of Marketing at PayShepherd.
Beyond seeing visual reports, client users can request customized automated alerts. For example,
- “Send me a notification when the planned tradesperson crew mix on my project deviates”
- “Send me an email alert when I exceed 70 percent of my budget.”
- “Send me a notification when a worker exceeds a maximum ‘time on site’ threshold.”
Creating spend efficiency is a central mission at PayShepherd. But effective vendor management goes far beyond that. Safety, ethics and compliance, communication, ESG and process hygiene are the five additional pillars of an unbreakable relationship.
PayShepherd Pulse supports exceptional and safe vendor management in a multitude of ways, including but not limited to the following:
Ensure vendor workers have completed the necessary orientation to come onsite. This is a key challenge unless the proper controls are set up-front for the work site and all those working on it. PayShepherd will alert the appropriate management if a worker is onsite, including operating tools, without having completed all requirements. This removes considerable liability.
Reconcile occupational safety and health legislation with onsite requirements. Occupational Health and Safety (OHS) and Occupational Safety and Health Administration (OSHA) regulations are in place to keep everyone on site safe. However, when an exception must be made, the right leadership and project managers must be made aware so they can implement the necessary controls and supports. PayShepherd alerts can be set to notify all appropriate people so potential issues such as fatigue management are monitored and worker safety is protected.
PayShepherd Pulse is modernizing the way industrial facilities manage their service vendors. A manual and ancient siloed process is coming to an end. Having a single source of truth creates cross-team alignment and streamlines the process from requisition to payment. PayShepherd is able to pull all that information into a modern and meaningful view. It’s a game changer for those spread thin working to accomplish daily tasks while meeting larger organizational targets–an achievement the entire PayShepherd team is proud to offer their client partners.
“This was a large capital investment and an extraordinary feat for our engineering team to build an intelligence feature that will do our clients, their providers and their vendors justice,” said Wesley Sessenwein. “We’re so excited to be rolling this out.”
PayShepherd is a cloud-based vendor relationship management solution and contract assurance technology, purpose-built for industrial facilities to transform vendor relationships with daily visibility into performance, spend and compliance.
It is the digital source of truth for vendor management, resulting in spend efficiency, process hygiene, compliance and ethics, proving return on investment in a matter of months.
PayShepherd was founded in 2018 and is headquartered in Calgary, Canada with offices in Vancouver and Charlotte, North Carolina.
Ready to bring total transparency to service vendor management? Book a call with our team.