How It Works: Based on the costs entered on the “Monthly Payables” tab, the system will automatically calculate what you are paying per month, per million dollars in assets. On the “Cost Analysis” tab, we will then show you how your expenses stack up against your peers! This is an “apples to apples” comparison, and will give you a great idea of where you stand, and show you where you can find huge savings!!
What You Need to Do: Simply click on the “Monthly Payables” tab, which is located under “Administrator”. You will find 10 of the largest expenses which face community banks. Once you have entered your monthly average (examples: divide by 12 for annual expenses; average several months together for variable expenses), your costs will be averaged with the rest of our user-group, and compared on the “Cost Analysis” tab!
NOTE: If you leave an item in “Monthly Payables” blank, or enter 0, your cost will not be used in the average, or compared.)
How to Maximize Results: If you notice that you are paying significantly more for a particular service than your peers are, TAKE ACTION! When you receive your contract renewal email notification, start negotiating, or simply pick up the phone, and see what better deals are out there! Effectively managing your vendor relationships, and related expenses, is more important now than ever!
Don't have vendor management system - much less one that can save you money? Visit TriNovus for more details or call 205.991.5636 and ask for Randy Goggans.
Monday, July 26, 2010
Thursday, February 18, 2010
How To Enable Cost Analysis In BankerVMS
In order to get the Cost Analysis feature of BankerVMS enabled, the "Monthly Payables" section needs to be filled out completely. "Monthly Payables" can be found under the "Administrator" tab on the tool bar. Once all of the monthly payables are filled out, the cost analysis can be enabled. (Note: If a product is not paid for on a set monthly cost, divide the annual cost by 12, or get an average of the last few months' payments.)
Also, be sure that all of your products and services are properly categorized for comparison purposes. To change the category that a product is in, go to the "Vendor" tab, and click in the "Products" column. You will then see all products and services associated with that particular vendor. By clicking the "Edit" icon, you will be able to change the product category.
Also, be sure that all of your products and services are properly categorized for comparison purposes. To change the category that a product is in, go to the "Vendor" tab, and click in the "Products" column. You will then see all products and services associated with that particular vendor. By clicking the "Edit" icon, you will be able to change the product category.
Wednesday, October 7, 2009
TriNovus presents at Saltmarsh Seminar
TriNovus' David Brasfield will be speaking on October 8th 2009 at a seminar sponsored by Saltmarsh, Cleaveland and Gund, CPAs and Consultants. David's speech will focus on trends in the financial services industry including issues surrounding vendor management.
Tuesday, July 28, 2009
Wedbush Bank Selects TriNovus For Vendor Management Solution
Wedbush Bank Selects TriNovus For Vendor Management Solution
Companies Collaborate To Deliver Improved Product to the Marketplace
Birmingham, Ala., July 28, 2009 –TriNovus (www.trinovus.com ), a company focused on delivering relevant technology solutions to the marketplace, today announced that Wedbush Bank (www.wedbushbank.com ) has selected TriNovus to provide its vendor management services through the use of the company’s BankerVMS (www.bankervms.com) product. Wedbush Bank is an entrepreneur and business bank headquartered in Los Angeles offering a wide range of financial solutions tailored to corporate customers, executives and professionals.
TriNovus’ BankerVMS will enable Wedbush Bank to better manage its vendors throughout relationship lifecycles and will help Wedbush Bank to reduce costs, meet compliance guidelines, improve contract terms and increase the value yielded from each vendor.
One aspect of BankerVMS that initially attracted Radhika Dholakia, Wedbush Bank’s chief banking officer, to the product was the vendor management software’s compliance piece.
“Wedbush Bank is very committed to meeting regulatory requirements as per FFIEC guidance,” said Dholakia. “When management evaluated BankerVMS, the compliance piece was a huge factor in our decision to implement the product.”
After initially previewing BankerVMS, Dholakia worked with TriNovus’ chief information officer, Terry Ray to review risk elements, build a test environment and provide suggestions for a change in the compliance scale to help develop a more robust compliance piece.
“Radhika’s input was very valuable in helping us to strengthen the risk management module of BankerVMS,” said Ray. “We value our collaboration with her and the rest of the Wedbush staff and feel that our symbiotic relationship has resulted in TriNovus delivering an even stronger product to the marketplace.”
Dholakia added, “The strength and breadth of the BankerVMS solution will help each TriNovus client easily control and monitor vendor risk.”
TriNovus’ relationship with Wedbush Bank marks the company’s expansion to the west coast.“BankerVMS fulfills a great need in the vendor management space,” said David Brasfield, chief executive officer of TriNovus. “Banks are always going to be concerned with saving money and ensuring that they are meeting compliance requirements. BankerVMS helps them to do both.”
About Wedbush Bank
With over $100 million in assets, Wedbush Bank is one of the upcoming entrepreneur and business banks headquartered in Los Angeles and offers a wide range of financial solutions tailored to corporate customers, executives and professionals. Wedbush Bank's strategy focuses on delivering high touch and high tech financial solutions including deposit and cash management services and commercial, small business, asset-based and real estate financing. Founded in 2008, Wedbush Bank is a subsidiary of Wedbush, Inc. and an affiliate of Wedbush Morgan Securities. Wedbush Bank can be found on the Web at www.wedbushbank.com.
About TriNovus
TriNovus LLC, a Birmingham, Ala.-based company, was founded with the goal of delivering relevant technology solutions to the marketplace. Its first product, BankerMLS (www.bankermls.com ), is a web-based application targeted to financial institutions that enables them to obtain maximum exposure and value for their repossessed assets. BankerVMS (www.bankervms.com) is a vendor relationship management system that provides financial institutions with an organized, efficient and compliant solution for managing third party relationships. For more information on TriNovus, visit www.trinovus.com or contact David Brasfield at 205.991.5636 or david.brasfield@trinovus.com
Contact: David Brasfield, TriNovus(205) 991-5636 david.brasfield@trinovus.com
Contact: Monique Johnson, Wedbush BankDirector of Marketing(213) 688-4485 monique.johnson@wedbushbank.com
Companies Collaborate To Deliver Improved Product to the Marketplace
Birmingham, Ala., July 28, 2009 –TriNovus (www.trinovus.com ), a company focused on delivering relevant technology solutions to the marketplace, today announced that Wedbush Bank (www.wedbushbank.com ) has selected TriNovus to provide its vendor management services through the use of the company’s BankerVMS (www.bankervms.com) product. Wedbush Bank is an entrepreneur and business bank headquartered in Los Angeles offering a wide range of financial solutions tailored to corporate customers, executives and professionals.
TriNovus’ BankerVMS will enable Wedbush Bank to better manage its vendors throughout relationship lifecycles and will help Wedbush Bank to reduce costs, meet compliance guidelines, improve contract terms and increase the value yielded from each vendor.
One aspect of BankerVMS that initially attracted Radhika Dholakia, Wedbush Bank’s chief banking officer, to the product was the vendor management software’s compliance piece.
“Wedbush Bank is very committed to meeting regulatory requirements as per FFIEC guidance,” said Dholakia. “When management evaluated BankerVMS, the compliance piece was a huge factor in our decision to implement the product.”
After initially previewing BankerVMS, Dholakia worked with TriNovus’ chief information officer, Terry Ray to review risk elements, build a test environment and provide suggestions for a change in the compliance scale to help develop a more robust compliance piece.
“Radhika’s input was very valuable in helping us to strengthen the risk management module of BankerVMS,” said Ray. “We value our collaboration with her and the rest of the Wedbush staff and feel that our symbiotic relationship has resulted in TriNovus delivering an even stronger product to the marketplace.”
Dholakia added, “The strength and breadth of the BankerVMS solution will help each TriNovus client easily control and monitor vendor risk.”
TriNovus’ relationship with Wedbush Bank marks the company’s expansion to the west coast.“BankerVMS fulfills a great need in the vendor management space,” said David Brasfield, chief executive officer of TriNovus. “Banks are always going to be concerned with saving money and ensuring that they are meeting compliance requirements. BankerVMS helps them to do both.”
About Wedbush Bank
With over $100 million in assets, Wedbush Bank is one of the upcoming entrepreneur and business banks headquartered in Los Angeles and offers a wide range of financial solutions tailored to corporate customers, executives and professionals. Wedbush Bank's strategy focuses on delivering high touch and high tech financial solutions including deposit and cash management services and commercial, small business, asset-based and real estate financing. Founded in 2008, Wedbush Bank is a subsidiary of Wedbush, Inc. and an affiliate of Wedbush Morgan Securities. Wedbush Bank can be found on the Web at www.wedbushbank.com.
About TriNovus
TriNovus LLC, a Birmingham, Ala.-based company, was founded with the goal of delivering relevant technology solutions to the marketplace. Its first product, BankerMLS (www.bankermls.com ), is a web-based application targeted to financial institutions that enables them to obtain maximum exposure and value for their repossessed assets. BankerVMS (www.bankervms.com) is a vendor relationship management system that provides financial institutions with an organized, efficient and compliant solution for managing third party relationships. For more information on TriNovus, visit www.trinovus.com or contact David Brasfield at 205.991.5636 or david.brasfield@trinovus.com
Contact: David Brasfield, TriNovus(205) 991-5636 david.brasfield@trinovus.com
Contact: Monique Johnson, Wedbush BankDirector of Marketing(213) 688-4485 monique.johnson@wedbushbank.com
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