Vendor Management Software
Businesses need to deal with several vendors that can include raw material providers, transportation & shipping service providers. Finding the right vendors that can provide quality products and services, and maintaining the best relationship with them is extremely important for the business's growth. In that case, having a streamlined vendor management process is required, and several companies these days use vendor management software.
What Is Vendor Management Software?
A vendor management system can help you streamline the vendor acquisition process, communicate and collaborate with the vendors, evaluate their performance, and manage relationships with them. Some key features of vendor management tools include vendor database management, activity and communication log manager, payment integration, a self-service portal, and performance metrics.
How to Select the Best Vendor Management Software?
Finding the vendor management tool that suits your business can be a challenging task. GoodFirms has come up with an intricately curated list of vendor management software with their detailed information and authentic customer reviews, that can help you pick the best vendor management solution.
List of The Best Vendor Management System
FlentisPRO, Vendor Management Software, enters the market with a different viewpoint of how companies should be assisted to acquire the top 1% of the talent workforce. They aim to bring functionalities that are unique for the business user and create a platform that fits into the organization. The vendor boasts a turnaround time less than 60% as compared to market standards, and a goal of becoming ... read more about FlentisPRO VMSContact vendorN/A100% in Vendor Management Software
Brings flexible, real time control and efficiency to virtually any DC or warehouse operation.
Latitude WMS is engineered to embrace a system’s flexibility required for different distribution models. With real-time control over inventory status, embedded support for RF and Voice, plus the ability to drive warehouse material handling equipment (including carousels, conveyor systems, pick/put to light), Latitude WMS includes the tools needed to effectively manage highly efficient and profit ... read more about Latitude Core WMSContact vendorN/A33% in Vendor Management Software
Tipalti is the only supplier payments automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform. Tipalti makes it painless for accounts payable departments to manage their entire supplier payments operation. ... read more about Tipalti$149 Per MonthN/A25% in Vendor Management Software
Dolibarr ERP & CRM is an Open Source and free software package to manage companies, freelancers or foundations. We can say Dolibarr is an ERP or CRM. You enable only the feature you need. So whatever is your business management need, you are able to set up the application to match your need and only your need. Our marketplace is available to all developers and organizations, to centralize several ... read more about Dolibarr$12 Per Month15 Days10% in Vendor Management Software
Procurify is reinventing the way organizations spend.Procurify is a spend management software that empowers your team to make better more informed decisions when it comes to company spending.Achieve greater visibility into your company's spend, track purchases across your organization and report on your financial data with certainty. ... read more about ProcurifyContact vendorN/A25% in Vendor Management Software
A simple to use, powerful, AI driven, cloud-based Contract Management solution. Manage Contracts seamlessly, receive alerts of key dates, monitor risk, manage workload and store files and messages, all in one place, company wide. Enjoy unlimited users on all plans, unlimited integrated electronic signatures and a host of collaboration and automation tools. Say goodbye to Excel and other outdated s ... read more about Gatekeeper$775 Per MonthAvailable50% in Vendor Management Software
Beeline is the world's largest independent provider of solutions for sourcing and managing the complex world of contingent labor. Our software helps procurement, sourcing, and human resources professionals optimize costs, reduce risks, and add value to their services procurement and contingent workforce programs. It enabling companies to increase profitability, mitigate risk, and attain qualified ... read more about BeelineContact vendorN/A100% in Vendor Management Software
Vendora is a web-based Vendor Management Software that simplifies business processes and allows create stronger relationships with vendors by collaborating with them in a secure, online environment. • It has features to manage the vendors, suppliers across the world, as well helps with readily accessible real-time data. • It streamlines interactions, automates all core business processes ... read more about VendoraContact vendorAvailable33% in Vendor Management Software
Leading Provider of Purchasing Software and Consulting, utilizes e-Sourcing methods that creates cost savings, efficiency, control and risk reduction in its clients' strategic purchasing activities.The aim of providing high efficiency and effective control of time, labor and cost savings to its customers in their purchasing activities ... read more about Promena e-ProcurementContact vendor15 Days33% in Vendor Management Software
With decades of expertise built into our quality management and regulatory compliance software platform, AssurX helps companies maintain quality and compliance, streamline workflow, control risk and better manage any enterprise. Our incredibly configurable software and deep understanding of users’ needs produce a unique system that easily adapts as your business evolves. AssurX is an ideal partn ... read more about AssurXContact vendorN/A16% in Vendor Management Software
Prokuria is a cloud-based platform for automating sourcing and supplier management which helps procurement teams around the world to deliver significant cost and time savings. Prokuria is easy to customize, fast to start, and intuitive to work with when compared with other, more traditional existing software solutions. Prokuria is the fastest, easiest solution for automating sourcing and SR ... read more about Prokuria$18 Per Month14 Days50% in Vendor Management Software
Managing contracts and agreements can be a challenging process that, if overlooked, can hurt your bottom line and expose your company to undo risks. Contract Insight by CobbleStone Software is fully configurable, flexible, and provides users with better governance over their contracts in a user-friendly, easy-to-navigate contract management system backed by artificial intelligence to fully optimiz ... read more about Contract InsightContact vendor30 Days33% in Vendor Management Software
Vendorly helps banks and financial institutions streamline oversight of third-party vendors. We work closely with you to customize vendor management programs, including software to help keep you organized and services to ease your workload. Promotes efficiency, transparency and control across your entire oversight process. ... read more about VendorlyContact vendorN/A100% in Vendor Management Software
Airbase is the leading spend management platform for small and midsize companies.
Airbase is the top-ranked modern spend management platform for businesses with 100-5,000 employees. It’s the best way to control spending, close the books faster, and manage financial risk. Airbase software combines accounts payable automation, expense management, and corporate cards. It guides procurement for all purchases — from initial requests to payment and reconciliation. Bring efficienc ... read more about AirbaseContact vendorN/A14% in Vendor Management Software
Precoro is a cloud-based purchasing software that streamlines procurement processes for SMBs and Enterprises. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments, billing, real-time budgeting, receiving, three-way matching, and catalog management with product links. Precoro provides a wide range of features, including integrations with N ... read more about Precoro$35 Per Month14 Days10% in Vendor Management Software
Respond powerfully to today’s global challenges by digitalizing your source-to-pay process with SAP Ariba spend management solutions. Mitigate supplier risk and supply chain disruption through real-time supplier collaboration and deep supply chain visibility. Apply sustained sourcing savings to other pressing needs. Reduce costs and strengthen control with user-friendly procurement and contract ... read more about SAP AribaContact vendorN/A33% in Vendor Management Software
ProcuMan provides open source based procurement, purchasing, etendering and supplier management software. Free of any software license fees and easily customisable online service based on SuiteCRM platform.Fully customizable software to support your specific procument process. ... read more about ProcuMan$99 Per Month30 Days50% in Vendor Management Software
Claritum’s cloud solution simplifies the procurement process. Enabling more efficient and effective order capture, aggregation of demand, spend management and central supplier control. With easy to use, plus highly configurable, catalogs and RFx forms. Providing an intuitive user interface for employees to make their own purchases and progress orders. Reporting and analytics complete the solutio ... read more about ClaritumContact vendorN/A20% in Vendor Management Software
Finly is a Finance Management & Governance Suite for businesses to automate, gain visibility & control business spend. The platform comprises of a scalable & intelligent Expense Management & E-Procurement System. The powerful policy engine governs all business transactions & an integrated payment technology system allowing automated reconciliations. ... read more about FinlyContact vendorN/A20% in Vendor Management Software
Understand and reduce risk with the world’s most expansive & scalable cyber security
SecurityScorecard helps enterprises gain operational command of their security posture and the security posture of their ecosystems through continuous, non-intrusive monitoring. The company’s approach to security focuses on identifying vulnerabilities from an outside-in perspective, the same way a hacker would. SecurityScorecard’s proprietary SaaS platform offers an unmatched breadth and depth ... read more about SecurityScorecardFree versionAvailable33% in Vendor Management Software
HR Software with a mission. Transformify empowers diversity hiring and provides equal access to jobs and secure payment. Join recruiters from 150+ countries who trust Transformify to automate their hiring process, source top candidates and create jobs for social good. Whether you are hiring employees or freelancers, in-office or remote, we will help you to source qualified candidates and transfer ... read more about Transformify$50 Per MonthN/A33% in Vendor Management Software
SmartSolve®, Pilgrim’s powerful suite of quality management software solutions
SmartSolve®, Pilgrim’s powerful suite of quality management software solutions, is engineered for the Life Sciences. Delivered on a compliance-ready platform, SmartSolve provides closed-loop process integration unmatched in the market.SmartSolve gives you confidence in your quality processes. All SmartSolve quality management software (QMS) solutions are:Based upon ISO 9001 standards for qualit ... read more about SmartSolveContact vendorN/A33% in Vendor Management Software
Expenzing offers software and solutions to help organizations in digital transformation for assured expense reduction. We provide end-to-end suite of solutions in strategic sourcing, procurement and accounts payable for financial control.We offer solutions to all sizes of organizations across various industries to help them reduce spend, operating cost and mitigate risk.We take care of business ob ... read more about ExpenzingContact vendorN/A20% in Vendor Management Software
Third party risk management (TPRM) is a structured approach to analyze and control risks arising to the organization from third parties. Mainly third parties are: Vendors Customers Joint ventures Counterparties Fourth Parties Third-party relationships can be a significant source of enterprise risk. The propagation of third-party partners, regulatory pressure, and the complexity of cyber-related ri ... read more about Third Party Risk Management$750 Per Year30 Days33% in Vendor Management Software
Torii is the most advanced SaaS management platform on the market. Discover, optimize, and control your organization’s SaaS usage and cost from a single hub. With the rapidly growing number of SaaS solutions on the market every day, and the access to those SaaS being available with a click of a button, today’s Modern IT work is more challenging than ever. SaaS adoption is a positive trend. ... read more about ToriiContact vendorN/A50% in Vendor Management Software
Purchasing can be a time-consuming and inefficient ordeal, especially when requests for goods and services have to be processed manually using a combination of phone calls, emails, paper catalogs and faxes. NetSuite’s procurement solution helps companies buy goods and services at the best cost and in a timely manner by saving employees’ valuable time with easy-to-use capabilities, reducing cos ... read more about Purchase ManagementContact vendorN/A100% in Vendor Management Software
A1 Tracker is to solve many of the problems we see customers facing with other off-the-shelf products, which are costly and limited to meet unique business requirements. One such problem is integrating other systems with core systems, such as HR, ERP, and manufacturing. A1 Tracker dealt with this problem face on by design a dashboard system capable of reporting on multiple & external data sources, ... read more about A1 EnterpriseContact vendorN/A20% in Vendor Management Software
Go beyond AP automation and e-invoicing, and transform accounts payable into an end-to-end supply chain payments solution. With Tradeshift, you can take total digital control of every invoice, every early payment program, and every possibility in your supply chain future. Tradeshift drives supply chain innovation for the digitally connected economy. As the leader in supply chain payments and marke ... read more about Tradeshift PayContact vendorN/A50% in Vendor Management Software
The SAP Supplier Relationship Management application (SAP SRM) provides strategic value through sustainable cost savings, contract compliance, and quick time-to-value. Companies are equipped with tools to drive superior results through an end-to-end source-to-pay process. Activities such as spend analysis, category management, requisitioning, sourcing, operational contracts, invoicing, and supplie ... read more about Supplier ManagementContact vendorAvailable100% in Vendor Management Software
Blissfully automatically uncovers your SaaS Graph, keeps it continuously organized, and provides workflows and automations to collaboratively manage, control, and track changes across your entire organization. ... read more about BlissfullyContact vendorN/A50% in Vendor Management Software
ProfileGorilla is an exciting new alternative to traditional management when it comes to your network of vendors, suppliers and contractors. We at ProfileGorilla have worked in the Vendor and Supplier management space for the majority of our careers, so we understand that as companies grow, their Vendor and Supplier network grows as well. We've developed a solution that allows your network to main ... read more about ProfileGorilla$25 Per MonthN/A100% in Vendor Management Software
Zycus' Supplier Management solution provides a comprehensive platform for automating all aspects of supplier performance and information management for a collaborative and innovative relationship with suppliers. ... read more about Zycus iSupplierContact vendorN/A100% in Vendor Management Software
The BlueSky Healthcare VMS is the most specialized and affordable software solution for healthcare systems, hospitals, and staffing agencies. Stop spending time and money on vendors to manage vendors. Be your own managed service provider with BlueSky's vendor management software system. We've been enabling heath systems and franchise clinics to manage their own operations for decades. Our vendor ... read more about BlueSky Medical StaffingContact vendorN/A50% in Vendor Management Software
OneTrust Vendorpedia is the largest and most widely used technology platform to operationalize third party risk, security, and privacy management. More than 5,000 customers of all sizes use OneTrust to offer the most depth and breadth of any third party risk, security, and privacy solution. OneTrust Vendorpedia is designed to help organizations manage vendor relationships and integrates seamlessly ... read more about OneTrust$27 Per Year14 Days25% in Vendor Management Software
Introduction to buyer’s guide for Vendor Management Software
A successful business relies on how efficiently the business owner is managing the enterprise resources. It is a key factor in deciding the business strategies and reducing the operational cost. These resources could belong to the organization itself or drawn from the third-party service provider. If the resources are used through a third party vendor, then it requires due diligence. It is imperative to have a positive relationship with your vendors as this can be beneficial both for your company and your customers.
An efficient vendor management starts right from identifying the best suitable vendors, obtaining pricing information, managing relationships, gauging the quality of work, evaluating performance, and ensuring that the payments are always made on time.
The only way to achieve these goals while working with third-party vendors is to equip the organization with reliable and secure third-party vendor management services or programs.
In this buyer guide, the readers will identify the important attributes for a vendor-client smooth transition and learn the best approach to mitigate their vendor management issues.
What is Vendor Management?
The vendor management is the process where an organization takes appropriate measures for controlling cost, ensuring excellent service deliverability, reducing potential risks related to vendors, and deriving value from vendors in the long-run. Vendor management is the system of coordinating the entire vendor relationship. It plays a significant role when it comes to selecting the right vendor for a particular business need.
What are the benefits of Vendor Management?
- Better contract management: Vendor management involves drafting the contract terms and agreement with all the details like who is authorized to sign, how customer information is protected, how the contract gets terminated, etc.
- Cost-saving: The vendor manager can negotiate with third-party vendors and saves the cost of various services.
- Better vendor relationship: Vendor managers ensure that there is no conflict between the organization and vendors.
- Improves vendor performance: Vendor managers ensure that vendors deliver high-quality and cost-effective service.
- Reduce the risk of business disruption: Identifying third-party risks and meeting regulatory compliance.
How has Vendor Management evolved?
In the early ’90s, when companies were outsourcing the jobs and expanding their business worldwide, a Ford subsidiary called Geometric Results, Inc. (GRI) realized the opportunity for a vendor management system. As a result, GRI developed a manual vendor management system called PeopleNet, and it was only in 1995 it got automated. GRI developed one of the first significant VMS applications in the industry.
Later in 1997, the GRI was bought by MSXI. MSXI launched the Internet-based software b2bBuyer. MSXI created a web app called TechCentral for the Delphi Corp. In 2006, the Bartech Corp. began operating the Delphi VMS and continues to do so, now using SAP’s Fieldglass VMS tools. With the rise in the demand for VMS tools, more companies entered the vendor management market.
What are the different types of Vendor Management?
- Procurement management
- Relationship management
- Vendor risk management
- Performance management
- Contract management
- Compliance management
What are the processes involved in Vendor Management?
Step 1) Define needs or goals: Define your goals and expectations from vendors for the business process.
Step 2) Rules of engagement for vendors: Create ethics/rules of engagement for all vendors. The rules of engagement are a set of rules and obligations for how a given vendor shall engage with a business organization. It mentions what is permissible and what is not, specific actions the supplier shall carry out, and things they will refrain from doing.
Step 3) Bidding for vendors: Search and send bids for vendors. The business sort vendors and send their requirements. All vendors receive identical copies of bid documents and any subsequent changes.
Step 4) Selecting vendors: Select vendors based on your criteria and budget.
Step 5) Signing contract: Define contract terms and time frame. The signed contract is proof that the vendor has agreed to the terms and policies of the agreement.
Step 6) Monitoring performance: This step involves monitoring the vendor’s performance and relationship.
Step 7) Terminating or Renewing the contract: End of contract or renewal.
What are the risks associated with poor Vendor Management?
- Poor vendor selection: A poor vendor management may not give a clear view of vendor service quality, and the organization may face a loss.
- Bad Contract: The organization may be at risk when they sign a contract with a vendor without looking into contract agreement and compliance. Poor vendor management often leads to a bad contract.
- Cyber attacks: When a third-party has access to your internal process, there is always a risk of a cyber attack. The hackers may find and target the loophole between organization application and vendors’ access points.
- Financial loss: The risk of financial loss always remains when a company hires an in-appropriate vendor.
- Reputation: If the third-party vendor is a fraud, it may even spoil the organization's reputation where it offers its services.
- Poor client-vendor relationship: A poor vendor management has its own bad effects on the growth of the business. A healthy client-vendor relationship is a fundamental requirement for any business.
What are the key factors that can help reduce vendor risk?
- Implement vendor risk management maturity model: VRMMM analyzes third-party risk programs against a set of best practices and industry benchmarks.
- Thorough Auditing: The vendors should be regularly monitored and audited to ensure regulatory compliance is maintained throughout the term of service. Make sure the contracts mention the "right to audit" and also cross-verify what security controls and requirements the third-party vendor has in place.
- Security clearance and regulatory compliance: Verify if the vendors have the security clearance or regulatory compliance to avail their services.
- Define monitoring criteria: The company should be clear on their vendor’s monitoring preferences like when to monitor, how reviews and feedback can be conducted and how risk exposures can be detected and mitigated.
- Segment vendors as per risk potential: Segment vendors by potential risks and try to mitigate those risks first that are above the organization’s appetite. The client can even prepare a checklist to check the vendor’s authenticity like a financial statement, liability insurance, and so on. This strategy is even helpful in the future to identify potential risks.
- Contingency plan: The client should be ready with the contingency plan if data-breach occurs or a third-party vendor violates the guidelines.
- Review the contract terms and policies: Review the contract’s terms and policies like renewable requirements or required service levels.
What are the common challenges in managing vendors manually?
- Data storage: As the business expands, it becomes difficult to manage vendors agreement documents manually. There is always a risk of misplacing or losing the documents.
- Lack of visibility: In manual vendor management, each department may be maintaining the vendor’s information on a single spreadsheet. When the same spreadsheet gets downloaded and saved to individual hard drives, it creates multiple copies with miscellaneous updates instead of one master file. This may lead to confusion and result in client-vendor conflicts.
- Vendor’s payment risk: When the vendor manager is dealing with multiple vendors, it leaves room for error, and the chances are that it may post the wrong payment for the vendor’s service.
- Painstaking manual reporting: Manual reporting could be a waste of time when it involves collecting countless spreadsheets, emails, and files and then converting it into a pleasing graphic. Besides that, there is no log to track the activities to see what changes were made.
- No accurate risk analysis: There is no centralized system in manual vendor management, which may not be efficient in identifying risks accurately.
Can technology help in creating and implementing a Vendor Management Program effectively?
Yes, technology can be helpful in creating and implementing a vendor management program effectively.
Long term commitment between vendor and client allows both to invest time and money required for the smooth transition of services. By using technology, they ensure that they don’t waste time or money that they are investing in and get the desired outcome. Vendor management programs involve strong quality controls, monitoring systems, audit infrastructure, and performance improvement plans in order to resolve issues and promote industry best practices.
- Automating information exchange between vendors and companies: One of the important tasks in creating and implementing a vendor management program is to retrieve vendor information from existing databases or from new sources. A company supported by the right technology can speed up the implementation of a vendor management program. The company can use automation to collect the vendor’s information from various sources or any information that could prove valuable for establishing VMS systems.
- Convert legacy contracts into digital records using AI: There are still businesses that adhere to the legacy system for managing vendor’s document or drafting agreement copies. They often face difficulties while converting those spreadsheets into digital records. But advanced technology like AI helps to turn fragmented legacy contracts into modern digital records with ease.
- Predict early demand visibility: The early analysis of product or service demand can be helpful to draw your expectations from third-party vendors. It can make the boarding of third-party vendors and implementation of their services quite easy. A data scientist can use a large volume of historical data to build logic and predict the product or service demand.
- Quality control and audit: The effective vendor management strategy involves stringent quality control measures that focus on minimizing business risk. Technology platforms can gather, analyze, and flag data to ensure that vendor work is performed and completed in accordance with agreed-upon regulatory guidelines.
- Analyze vendor risk factors early on: To implement a vendor management program effectively, it is necessary for the client to identify the security threat associated with the third-party vendor. Technology can help in doing this by automatically assessing the vendor’s information. The client can use automation tools to send security questionnaires to the vendor or scan data continuously to check leak credentials.
What is Vendor Management Software?
Vendor management software addresses common issues of companies to find, engage, and manage their external workforce or vendors. A vendor can be a contractor, manufacturer, supplier, or any third party who fulfills the need that your company doesn’t create or provide in house. By centralizing all elements of vendor management in one system, the company can facilitate efficient vendor communication.
How can Vendor Management Software assist companies to work better?
- Better Security: A supplier management software enables organizations to integrate their vendor management system with a risk management system and compliance management system.
- Improves client-vendor relationship: With an effective vendor management platform, the organization can have a smooth transition of the vendor services, which eventually helps to improve the vendor-client relationship.
- Better Service: The vendor management process allows companies to avail of better services from the existing vendors. The organization can pinpoint the issues and then work with the suppliers to eliminate the root cause of the problems being faced.
- Reduce costs and better ROI: The organization can save the costs incurred due to administrative labor costs and rectifying errors. The company can act quickly in making adjustments, thereby increasing profitability and saving money.
- Optimize performance: The supplier management tools allow tracking performance against the contract to ensure that the vendor is meeting organization needs and complying with the requirements. It provides insight into the vendor’s budgeting, expenses, and profits throughout the supply chain.
- Easy to manage multiple vendors: With a robust supplier management system, it becomes easy for the company to manage multiple vendors, and there won’t be any error in payment processing or monitoring their performance.
- Data Storage: The biggest issue with vendor management is to deal with a huge number of documents and storing them securely. With the vendor management tools, it becomes quite easy to handle any size of the document.
What are the essential features to look for in a Vendor Management Software?
The vendor management requirements differ as per the industry; the manufacturing industry may have different vendor requirements than a retailer. The selection of vendor management software largely depends on the type of operations and the user's preferences. General features include;
- Accounting integration
- Purchase order management
- Tracking and visibility
- Financial management
- Supply chain management
- Customer Management
- Distribution management
- HR management
- Project management
- Asset management
- Inventory management
- Automatic backup
- Reporting & analytics
- Third-party tools easy integrations
- Record Audit
- Email Management
- Offline mobile access
- Real-time budget tracking
- Report and analytics
- Audit logs
- Expense management
- Mobile request, approve and receive
- Automated reminders
How will technology augment Vendor Management Software in the future?
- ML and AI: In the future, artificial intelligence and machine learning with their smart algorithm would allow organizations to choose the right vendor and assign the right work model. It will further help to create customized dashboards to view and manage vendor data as required.
- Mobile apps: The modern mobile app for vendor management software would be focussed on improving the user experience in handling the multiple vendors on-the-go.
- Predictive Analytics: There is more scope of predictive analytics in the future, which may be used by companies to provide real-time recommendations on rates and labor demand modeling.
What is the average cost of buying a Vendor Management Software system?
The vendor management software covers various sectors from manufacturing, retailer, IT and corporate, and so on. The selection of the VMS system is made on the company's requirements and its budget. The price of these software varies depending on the number of users, features list, customer support, etc. The entry-level VMS tools like Dolibarr and Zoho creator charge $9/ month and $15/month. While those organizations focused on slightly higher features can pick software solutions like Precoro that charge $29/month, followed by ProfileGorilla and Windle, that charge about $25/month and $49/month, respectively. For a large enterprise, where price has no bar, then a tool like a Gatekeeper would be an ideal choice.
But if the organization has the curiosity to explore software capabilities and develop new features, then they should tap on free and open-source vendor management software.
Why refer to GoodFirms’ list of top Vendor Management Software?
GoodFirms has quickly established as the best review and rating site for IT solutions spanning various sectors. It rates software solutions based on quality, reliability, and ability. The platform collects all the vital information critical for any individual or business to decide on software selection. The list of software features and authentic feedback of consumers together gives a broad perspective on software usability. Besides that, the software seeker can sort service providers based on location, hourly rate, and the number of employees.
Goodfirms has a growing list of software solutions to address the core issues of the business process. Vendor management is an inevitable segment of any well-planned business structure, trying to achieve exponential growth. In order to orient well between all the components of a vendor's operation, a holistic vendor management software is a must. The vendor management solutions may not fall in the one-size-fit-all category, and different businesses may have different needs. Do not fail to check GoodFirms list of best vendor management software that could justify your vendor management requirements all in one place.