Accelerating Capabilities To Technology Stack For Complete Vendor Lifecycle Management
Venminder is a recognized leader of third-party risk management solutions. Risk and compliance, procurement and vendor management teams rely on the Venminder platform to guide them through critical vendor evaluation processes such as risk assessments, due diligence requirements, questionnaires, and task management.
Demand for Venminder’s differentiated third-party risk management solutions rapidly grew as regulators issued new guidance. The need for Venminder’s platform from clients and prospects alike was also further highlighted by the breaches that heightened awareness of the importance of partnering with vendors that can verifiably provide a safe and secure environment for their customers and customer data.
To meet the increased demand, Venminder wanted to quickly bring in new capabilities and modules to their platform that would allow third-party risk teams the ability to further collaborate across the entire vendor management lifecycle and effectively mitigate risk. To achieve this, Venminder began the search for an experienced partner to help them accelerate bringing these features to market and meet their customer’s demand.
Venminder selected 3Pillar as a development talent partner, given that 3Pillar helped augment Venminder’s internal development staff with additional expertise and allowed Venminder to scale its product and platform accordingly with a product first approach.
At the start of the partnership, 3Pillar conducted a Product Mindset Workshop with the Venminder team to adopt and align on the concept of a product-first paradigm for building web products and digital experiences. This fostered a strong relationship to help Venminder scale its product and development resources, increasing internal team capacity to manage other key workflows.
As part of 3Pillar’s partnership with Venminder, the 3Pillar team focused on expanding access to the Venminder platform by assisting the Venminder team in developing open APIs. The APIs delivered two-way data exchanges between the Venminder platform and other applications while producing and consuming RESTful web services. The 3Pillar team also worked with Venminder on several additional initiatives that helped them add modules and capabilities critical to managing the full vendor risk lifecycle.
“3Pillar partnered with our internal resources using an Agile methodology, which helped us smoothly transition to working as one team. When necessary, 3Pillar brought in additional professional resources to make sure we completed the application enhancements on time.”
Brian Adams, CTO, Venminder
Through adding more complete capabilities, Venminder has become one of the few providers in the third-party risk space that offers capabilities to manage each part of the vendor lifecycle. Venminder has continued to experience rapid growth, growing 3x in the last 3 years. One of the new modules that 3Pillar partnered with Venminder on, the Vendor Onboarding module, is today their best-selling module. In addition, the 2-way-API has allowed Venminder to further expand on channel partnerships.
“3Pillar impressed us with their professionalism, experience and focus on the customer. Their Product Mindset Workshop was extremely valuable, and our team continues to approach projects with principles they learned during these meetings.”
Jennifer Busenbark, VP of Product
The 3Pillar partnership translated into several key business benefits for Venminder:
- Trained teams in product-first paradigm for building web products and digital experiences
- Helped Venminder expand their platform capabilities across the entire vendor lifecycle
- Improved customer satisfaction through enhanced capabilities for TPRM professionals to do their jobs
- Allowed customers to more easily connect and integrate data between the Venminder platform and other applications in their vendor ecosystem