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What would you get if you combined elements of supplier management, supplier risk management, vendor management system, talent marketplace and contractor compliance systems together, all with a specific design around skilled, often trades-based third-party and contractor management, especially in field intensive industries? We can make the case at Spend Matters that this mash up of capabilities would look something like Avetta, formerly known as PICS Auditing. Avetta solves a key problem that many companies in industries that rely heavily on contractors have: proper contractor vetting. Most supplier management providers vet the supplier, but it is not the supplier or contingent workforce provider alone that matters — it is the employee, or in some cases, the contractor, and if that employee or contractor is doing trade work, he or she has to be trained, certified and reliable.
While lacking some of the nuanced capabilities of many individual solution areas such as a VMS, Avetta makes up for any shortcomings with a purpose-built solution that is a particular fit in industries such as chemicals, construction, facilities management, oil and gas, telecommunications and related sectors. In many ways, Avetta extends the contractor credentialing paradigm of what Vendormate — which GHX acquired after as it scaled a highly successful supplier-paid business model in the healthcare matter — could have become had it remained independent, targeted multiple industries and adopted a supplier model.
This Spend Matters PRO Vendor Snapshot explores Avetta’s strengths and weaknesses across its procurement technology suite, providing facts and expert analysis to help procurement organizations decide if they should shortlist the vendor as a potential procure-to-pay solution.Part 1of our analysis comprised a company and detailed solution overview and a SWOT analysis, as well as a summary recommended fit suggestion for what types of organizations should consider Avetta. The remaining parts of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.