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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.

Rankings updated: Jul 11, 2025
95 Software

List of The Best Vendor Management System

  • Supplier Management

    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 ... read more about Supplier Management

    Entry Level Price
    Contact vendor
    Free Trial
    Available
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Contract Management
    • Cost Control
    • Expense Management
    • Performance Tracking
    • Staff Management
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Windows
    • Mac
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • Yes
    Payment Frequency
    • Quote Based
    • Free
    Vendor pricing page
    Visit website

  • Blissfully

    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.

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Expense Management
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Chat
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • ProfileGorilla

    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 ... read more about ProfileGorilla

    Entry Level Price
    $25 Per Month
    Free Trial
    N/A
    Pricing Type
    Flat Rate
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Cost Control
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Staff Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • No
    Payment Frequency
    • Monthly Payment
    Vendor pricing page
    Available Packages
    Standard
    $25 Per Month
    Visit website

  • Zycus iSupplier

    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.

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Cost Control
    • Document Management
    • Performance Tracking
    • Risk Assessment
    • Staff Management
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Case Studies
    • Whitepapers
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • BlueSky Medical Staffing

    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 ... read more about BlueSky Medical Staffing

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Document Management
    • Expense Management
    • Performance Tracking
    • Reporting & Analytics
    • Staff Management
    • Vendor Portal

    Key Details
    Industries
    • Human-resources
    • Staffing-recruiting
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    Support
    • Email
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides
    • Blog

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • OneTrust

    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 ... read more about OneTrust

    Entry Level Price
    $27 Per Year
    Free Trial
    14 Days
    Pricing Type
    Flat Rate
    25% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Performance Tracking
    • Security & Control
    • Staff Management
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • On-Site Training

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • Yes
    Free Trial
    • 14 Days Trial
    Payment Frequency
    • Annual Subscription
    • Free
    Vendor pricing page
    Available Packages
    Standard
    $27 Per Year
    Visit website

  • Winddle

    Next-generation collaborative PLM & SRM platform to accelerate your time-to-market. Designed for retailer, brands and all their product development and sourcing partners (suppliers, quality services providers, freight forwarders...). Flexible and user friendly, ... read more about Winddle

    Entry Level Price
    $49 Per Month
    Free Trial
    Available
    Pricing Type
    Flat Rate
    33% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Performance Tracking
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • Yes
    Payment Frequency
    • Monthly Payment
    • Free
    Vendor pricing page
    Available Packages
    Standard
    $49 Per Month
    Visit website

  • VendorRisk

    Vendor management software for mortgage companies, banks, credit unions, nonprofit organizations & more. Web-based vendor management software to keep track of vendors, their contracts, and the services and software they provide.

    Entry Level Price
    $1200 Per Year
    Free Trial
    30 Days
    Pricing Type
    Flat Rate
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • Yes
    Free Trial
    • 30 Days Trial
    Payment Frequency
    • Annual Subscription
    • Quote Based
    • Free
    Vendor pricing page
    Available Packages
    Standard
    $1200 Per Year
    Visit website

  • BlueOptima

    BlueOptima's analytics platform empowers software developers and their companies to create better software in the most time- and cost-efficient way. BlueOptima's SaaS platform facilitates analysis of productivity, together with quality, in enterprise ... read more about BlueOptima

    Entry Level Price
    $59 Per Month
    Free Trial
    N/A
    Pricing Type
    Flat Rate
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • No
    Payment Frequency
    • Monthly Payment
    • Quote Based
    Vendor pricing page
    Available Packages
    Standard
    $59 Per Month
    Visit website

  • dotStaff

    Our founding principle, “the right resource, the right time, the best price”, is a simple concept. As the industry leader, dotStaffTM provides unparalleled value with fairness, competition and transparency. The dotStaffTM vendor ... read more about dotStaff

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • SupplierSelect

    A web based supplier evaluation system offering evaluations, assessments and audits online. RFx - RFP / RFQ / RFI / ITT / PQQ SupplierSelect stands out as the intelligent hub for RFP ... read more about SupplierSelect

    Entry Level Price
    Contact vendor
    Free Trial
    Available
    Pricing Type
    Contact Vendor
    50% in Vendor Management Software

    Features
    • Document Management
    • Performance Tracking
    • Security & Control
    • Staff Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Knowledge Base
    • Help Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • TYASuite

    Unified software suite for your business needs all under one place. Switching to Cloud ERP Software has become a one-stop solution for global leaders to stay ahead of fellow competitors. The software ... read more about TYASuite

    Entry Level Price
    $10 Per Month
    Free Trial
    More than 30 days
    Pricing Type
    Flat Rate
    15% in Vendor Management Software

    Features
    • Contract Management
    • Document Management
    • Expense Management
    • Performance Tracking
    • Reporting & Analytics
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal

    Key Details
    Industries
    • Construction
    • Marketing-advertising
    • Retail
    Licensing & Deployment
    • Proprietary
    • Cloud Hosted
    • Web-based
    • Android
    Support
    • Chat
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides
    • Video
    • Blog
    • Whitepaper

    Packages
    Pricing Type
    • Flat Rate
    Preferred Currency
    • USD ($)
    Free Version
    • Yes
    Free Trial
    • More than 30 days Trial
    Payment Frequency
    • Monthly Payment
    • Quote Based
    Vendor pricing page
    Available Packages
    Standard
    $10 Per Month
    Visit website

  • Enterprise Supplier Manager

    Aladdin, is an industry-leading, Cloud-based solution, supported by an in-field local team of Asset and FM experts. Aladdin, helps you enforce compliance to best-practices that automate several labor-intensive, time-consuming and error-prone processes ... read more about Enterprise Supplier Manager

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Expense Management
    • Risk Assessment
    • Security & Control
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Infographics
    • Whitepapers

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • WorkMarket

    WorkMarket, an ADP company, was founded in 2010 with a clear yet ambitious vision: to power the future of work. Today, we’re building the modern work market, a frictionless exchange between businesses ... read more about WorkMarket

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Contract Management
    • Cost Control
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Whistic

    Whistic helps companies take an important step in the process of sharing data - ensuring that the party gaining access is adequately prepared to protect it. Whistic is a cloud-based platform that ... read more about Whistic

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Wezen

    Wezen provides Semantic Technologies that empower brands through the ownership of their semantic content. From copywriting to localization and publishing, it leverages textual contents from your CMS and PIM to help you ... read more about Wezen

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    33% in Vendor Management Software

    Features
    • Audit Trail
    • Performance Tracking
    • Risk Assessment

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Prevalent

    Prevalent is helping global organizations manage and monitor the security threats and risks associated with third and fourth party vendors. Prevalent introduced the only unified platform for Third Party Risk Management and ... read more about Prevalent

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Vendor Management Software

    Features
    • Performance Tracking
    • Risk Assessment
    • Security & Control

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Case Studies
    • Whitepapers

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • OBMS

    You have more and more projects and your needs have increased! Resorting to external resources brings flexibility, reactivity and productivity to your company... providing that you have the adequate tool to manage ... read more about OBMS

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Limitless VMS

    A Vendor Management Solution (VMS) is a discipline that enables businesses to not only cut costs but to also control expenses, drive service excellence and mitigate risks to gain increased value from ... read more about Limitless VMS

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Case Studies

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Meercat Suite

    Award winning tactical supplier management platform, with a particular focus on performance, risk and compliance of suppliers. We facilitate the communication between Procurement, Quality Management and Engineering departments to keep all key ... read more about Meercat Suite

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    50% in Vendor Management Software

    Features
    • Audit Trail
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Determine

    Determine Supplier Management provides end-to-end modularity that helps you establish and maintain supplier relationships, ensure compliance and mitigate risk with deeper, more advanced capabilities—out-of-the-box or built to your needs. Our Supplier Management ... read more about Determine

    Entry Level Price
    $30 Per Month
    Free Trial
    N/A
    Pricing Type
    Flat Rate
    25% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • Android
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs
    • Case Studies

    Packages
    Pricing Type
    • Flat Rate
    Free Version
    • No
    Payment Frequency
    • Monthly Payment
    • Quote Based
    Vendor pricing page
    Available Packages
    Standard
    $30 Per Month
    Visit website

  • QADEX Vision

    QADEX brings every aspect of food safety, quality management systems, compliance, customers and new product development together in one simple dashboard. Its unique user friendly, real time features allow technical managers to ... read more about QADEX Vision

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    100% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Aladdin

    Aladdin, is a cloud-based asset lifecycle management solution in Dubai powered by Microsoft Azure. Aladdin, connects the office with the field. Aladdin, is not ‘nice-to-have’ – it’s mission critical. Aladdin, gives you ... read more about Aladdin

    Entry Level Price
    Contact vendor
    Free Trial
    14 Days
    Pricing Type
    Contact Vendor
    9% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Document Management
    • Expense Management
    • Performance Tracking
    • Staff Management
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • On-Site Training

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • Yes
    Free Trial
    • 14 Days Trial
    Payment Frequency
    • Quote Based
    • Free
    Vendor pricing page
    Visit website

  • Fusion

    Sometimes you just know. Put the power and user-simplicity of FusionRMS together with Acumatica, and it's love at first sight. FusionPOS™ is a full-feature point-of-sale solution that lets you optimize Acumatica cloud ... read more about Fusion

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    25% in Vendor Management Software

    Features
    • Audit Trail
    • Contract Management
    • Cost Control
    • Document Management
    • Expense Management
    • Performance Tracking
    • Risk Assessment
    • Security & Control
    • Staff Management
    • Vendor Portal
    • Workflow Management

    Key Details
    Industries
    • Retail
    Licensing & Deployment
    • Open Source
    • Cloud Hosted
    • Windows
    • Mac
    • Linux
    Support
    • Phone
    • 24x7 Support
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs

    Packages
    Pricing Type
    • Contact Vendor
    Preferred Currency
    • USD ($)
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • MQ1

    CEBOS’ MQ1 enterprise software is a fully integrated, relational database covering all elements of quality and compliance system requirements. Companies from many industries have realized business process efficiencies in addition to meeting ... read more about MQ1

    Entry Level Price
    Contact vendor
    Free Trial
    N/A
    Pricing Type
    Contact Vendor
    33% in Vendor Management Software

    Features
    • Audit Trail
    • Document Management
    • Performance Tracking

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    Support
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Payment Frequency
    • Quote Based
    Vendor pricing page
    Visit website

  • Kissflow Procurement Cloud

    Kissflow Procurement Cloud is a flexible procure-to-pay suite that enables businesses of all sizes to streamline their procurement processes from sourcing to invoice processing and supplier management. Kissflow Procurement Cloud is ideal ... read more about Kissflow Procurement Cloud

    Entry Level Price
    Contact vendor
    Free Trial
    30 Days
    Pricing Type
    Contact Vendor
    33% in Vendor Management Software

    Features
    • Audit Trail
    • Cost Control
    • Expense Management
    • Performance Tracking
    • Operations Management
    • Security & Control
    • Vendor Portal
    • Workflow Management

    Key Details
    Licensing & Deployment
    • Cloud Hosted
    • Web-based
    • iPhone/iPad
    • Android
    • Windows
    • Mac
    • Linux
    Support
    • Chat
    • Phone
    Knowledge Base
    • Help Guides
    • Video Guides
    • Blogs
    • Webinars
    • Infographics
    • Case Studies
    • Whitepapers

    Packages
    Pricing Type
    • Contact Vendor
    Free Version
    • No
    Free Trial
    • 30 Days Trial
    Payment Frequency
    • Monthly Payment
    • Annual Subscription
    • Quote Based
    Vendor pricing page
    Visit website

  • Abraxio

    No more tedious management with Excel! Simplify the management of your business. Save time by automating your piloting. Collaborate and delegate easily. Communicate with ready-to-use media. abraxio is the solution for an ... read more about Abraxio

    Entry Level Price
    $57.82 Per Month
    Free Trial
    N/A
    Pricing Type
    Flat Rate
    50% in Vendor Management Software

    Features
    • Performance Tracking
    • Vendor Portal

    Key Details
    Licensing & Deployment
    • Cloud Hosted
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Buyer’s Guide

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.

Related Categories

Contract Management Software
Procurement Software
Proposal Management Software
Purchasing Software

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