Company Research Report: PayShepherd

Company Overview

• Name: PayShepherd

• Mission: PayShepherd is dedicated to revolutionizing vendor relationship management for contractor management excellence by establishing a foundation of accountability, alignment, and common language to mitigate risk and uncertainty in industrial operations.

• Founded: No information is available.

• Founders: Jenn and Wesley Sessenwein, as highlighted in the company’s historical narrative by the CEO.

• Key People: Wesley Sessenwein, CEO.

• Headquarters: No information is available.

• Number of Employees: No information is available.

• Revenue: No information is available.

• Known For: PayShepherd is known for automating contractor management processes, enhancing contract compliance, and operational oversight, thereby reducing costs and improving efficiency in contractor-heavy sectors.

Products

Overview

PayShepherd offers a comprehensive platform that optimizes contractor management processes across different stages, from planning and awarding contracts to execution, compliance, and evaluation.

Key Products and Features

1. Contractor Selection

• Helps organizations choose the right contractors by reviewing rates and past performance.

• Offers real-time visibility into vendor metrics such as cost and safety.

2. Work Execution & Performance Management

• Provides automation for labor, equipment, and material reporting.

• Ensures contract compliance and safety management.

3. Automated Contract Compliance

• Automates contract terms enforcement to reduce manual verification and errors.

• Includes real-time reporting to mitigate unexpected charges and double billing.

4. Safety & Security Management

• Offers tools to ensure that only qualified individuals access job sites.

• Emphasizes detailed tracking of site safety training and worker fatigue management.

5. Services 3-Way Match

• An automated 3-way match system reducing the potential for fraud and overpayments.

• Ensures prompt payments and enhances invoice reconciliation.

6. Budget Monitoring and Forecasting

• Real-time tracking of planned vs. actual work to prevent overruns.

• Ensures workforce qualifications align with project requirements.

Recent Developments

• New Product Launches: No information is available regarding specific new product launches.

• Product Enhancements: The platform continues to evolve with enhancements focused on real-time contract compliance and budget monitoring.

• Partnerships: No information is available regarding new partnerships.

• CEO Commentary: Wesley Sessenwein’s story underlines continuous improvement and innovation in systematizing contractor relationship management to prevent operational inefficiencies and improve transparency.

Performance Metrics Reported by Clients

• 95% reduction in manual workload.

• 12 times faster incurred cost visibility.

• 80%+ contractor compliance rates.

• 10% cost savings on contracted services spend.

• 100% automated contract compliance for clients like procurement specialists and maintenance managers.

The aforementioned points emphasize PayShepherd's commitment to increasing operational efficiency and overall contractor management effectiveness in industries burdened with paper-heavy processes.