The Business Value of VRAs on SaaS Providers

Even though compliance with policies or regulations might compel your small business to perform vendor risk assessments on prospective vendors, I can give you a better reason -- VRAs should be an integral part of your business strategy.

How do VRAs on critical SaaS vendors help you achieve your business objectives rather than merely satisfy regulators?

VRAs maximize the odds of choosing software that increases your performance and profitability. 

VRAs minimize the risk of choosing software that decreases your performance and profitability.

I cite the following statistic a lot, BUT FOR GOOD REASON -- 59 percent of small businesses shouldn't experience long-term business performance issues due to their selection of a SaaS solution (Gartner 2024 study, Software Buyers' Regret). 

That figure has to come down, and performing VRAs on SaaS providers to appease regulators won't do that. The critical decisions on such significant business partners that control parts or all of your business must go beyond collecting security reports.

Instead, VRAs should be used to improve your business by incorporating modules focused on business performance that accomplish the following for your company ...

Maximize Performance and Profitability with:

1.  Better Decision-Making in the vendor selection process
2. Increased Efficiencies that let you produce more with fewer resources
3. Productivity Gains from streamlined, automated workflows and reliable integrations 
   
4. Increased Performance that flows to your bottom line
5. Cost Savings from turning IT networking / hardware / software functions over to the SaaS provider
6. More Strategic approach to IT that allows IT to focus on bottom-line activities instead of costly troubleshooting
   
7. Compatible Corporate Cultures that enhance employee morale
8. A consultative relationship with the SaaS provider that results in More Productive Collaboration
9. Higher Stakeholder Satisfaction
10. More interest from Investors Seeking Opportunities with well-run companies
    

Minimize Risks to Performance and Profitability with:

1. Greatly reduced risk of Buyer’s Remorse with SaaS products
2. Reduced risk of Disruptions to Operations due to software problems
3. Reduced risk of Operational Disruption and Reputational Harm due to vendor data breaches, vendor negligence, shortcuts, regulatory violations, legal issues or criminal behavior
4. Reduced risk of Higher Than Expected Licensing Costs from SaaS providers
5. Reduced risk of Funds-Draining, Less Secure Shadow IT
6. Reduced risk of Vendor Inefficiencies such as lag, glitches, and poor support response times
7. Reduced risk of Compliance Issues due to weaker or stronger vendor compliance requirements
   
8. Reduced Risk of Clashing Corporate Cultures frustrating employees and damaging morale
9. Reduced Risk of aggravating Mismatched Expectations and Difficult Implementations
10. Reduced risk of the bottom-line crushing chore of Replacing the SaaS vendor
    

You can download a copy of my e-Book on performing due diligence on SaaS providers or request an online meeting.