New Peer Cost Comparison Enhancements to BankerVMS

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.

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.