Driving Operational Excellence in Vendor and Contract Management with Raindrop
INDUSTRY
RETAIL
75%
IMPROVEMENT ON EFFICIENCY & AUTOMATION
50%
CYCLE TIME IMPROVEMENT
90%
SPEND UNDER MANAGEMENT
RAINDROP MODULES
SOURCING & CONTRACT MGMT
I've used other platforms, but none compare to the quality and support provided by the Raindrop team. The tool has become essential for our contract monitoring efforts. Its ease of use—from setup through ongoing management—has enabled us to drive stronger accountability and build more effective partnerships with our vendors.
TERRI SMITH Vendor Management Specialist, World Market
Overview:
World Market, a national specialty retailer with over 240 stores and a strong online presence, offers a unique shopping experience with home décor, gifts, and international treats. Managing vendor relationships and contracts at this scale was challenging. To enhance operational efficiency and streamline procurement, World Market implemented Raindrop’s spend management platform, driving greater control, visibility, and organization across its vendor and contract management processes.
Challenges
Fragmented Data and Manual Processes restricted World Market’s procurement team’s progress due to lack of visibility, and more time consumption.
Scalability Limits due to time-consuming and traditional, historical approach.
Siloed data as contracts and vendor information were housed in various internal drives, email inboxes, and spreadsheets. These siloes made it difficult to retrieve data when it was needed most.
Lack of automation caused human errors and led to missed deadlines as well as potential cost inefficiencies to review contracts, track renewals, and to ensure compliance.
Raindrop’s Cross- Departmental Solution
World Market adopted Raindrop to streamline contract and vendor management. Vendor Management Specialist Terri Smith praised its end-to-end functionality and ease of use. Nearly 500 active and 140+ archived contracts were migrated, with automated workflows set up for renewals and procurement. Initially used by tech teams, Raindrop’s use expanded to e-commerce and marketing for broader efficiency.
Key functional enhancements included the following:
Contract Renewal Board: A specialized Board was created to track upcoming renewals, which eliminated the need for manual filtering and searching and quickly highlighted when things were going to expire.
Supplier visibility: This enhancement allowed users to easily track payment terms, contract responsibilities, and compliance metrics in a centralized platform.
RFP management: World Market processed 12 sourcing events for areas like graphic printing, SMS vendors, digital marketing, and buy-now-pay-later services. This enhancement allowed for vendor consolidation and better pricing negotiations.
Raindrop brought the operational discipline we needed. We now have structure, visibility, and governance we can scale— and we're in a far stronger position to control costs and reduce risk.
MAYNIL LAMBERTCIO, World Market