The Cost of Contractor Verification, and How the BROWZ ROI Calculator Can Help
Aug 07, 2018
Justifying the expense of a contractor verification system is like justifying the cost of a personal insurance policy. While it may be difficult at times to identify an immediate return on investment, it only takes the one safety incident to quickly see the benefit of verifying and screening a supply chain prior to bid award. Hind sight is always 20/20.
The cost of operating without a contractor verification system could prove consequential to organizations making that decision, the costs of a contractor related fatality could far exceed the initial investment to implement a contractor management services.
While large figures could apply to any workplace related incident, many organizations believe the likelihood increases when employing third parties. This argument holds up to debate as the employing company has no way to ensure that adequate safety training and protocols are in place unless a contractor has been appropriately screened.
Management services and verification systems require contractors to submit documentation related to the hiring companies’ requirements for third party contractors. As this information is recorded, it should be processed and evaluated for compliance.
The need for administrative resources to support these objectives is the reason why many companies now outsource contractor verification.
Is your company wondering whether supply chain qualification makes more sense to keep in-house or to outsource? BROWZ has provided contractor prequalification and contractor management solutions for the world’s leading organizations since 2001.
The BROWZ ROI Calculator helps you determine cost for using BROWZ contractor prequalification and management solutions versus using in-house management. The ROI calculations and safety multipliers in this report are based off actual results, benchmark studies, and industry data so that you can make an informed purchasing decision.
For additional resources, read the latest study on Contractor Qualification and ROI by Procurement Leaders along with the independent study, “Best Practices in Contractor Management” by the Campbell Institute.
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