For companies using contingent labor, such as vendors, contractors, and freelancers, Vendor Management Software, often known as vendor management systems (VMS), offers a centralized repository for communication, project management, and payroll administration.
From selecting a vendor to submitting timecards and sending paychecks, vendor management systems handle the complete vendor relationship. Best Vendor Management Systems organize payments to vendors and contractors, costs, and contracts and offer efficient routes for communication.
Vendor management software may be used to the advantage of all business sizes, sectors, and divisions that work with suppliers and hire independent contractors or freelancers. These gadgets provide mighty, often cloud-based solutions that boost productivity and conversation while being easily integrated across the complete supply chain.
Some Top Vendor Management Software
1. SAP Fieldglass
In terms of vendor management, SAP Fieldglass is well-known. Users designate it as the greatest overall since it is one of the most reliable and complete end-to-end Vendor Management Software.
You can control every element of your vendor network with SAP Fieldglass, from contract administration to legal compliance and performance monitoring. On the platform, you may automate onboarding and offboarding procedures, pay suppliers directly, keep track of certifications, and much more.
The Digital Partner Network can assist you in finding and hiring service providers and contractors with specialized capabilities if you’re looking to recruit new suppliers.
The interconnections are yet another noteworthy aspect of SAP Fieldglass. The platform makes use of an open API foundation and is compatible with several on-premises and cloud apps, including Oracle, Microsoft Dynamics, Salesforce, Kronos, and many more.
2. Gatekeeper
Gatekeeper, one of the Best Vendor Management Systems that are perfect for large businesses, offers unlimited storage and users on every plan, which is a major bonus when determining how much you want to spend on a solution.
One of Gatekeeper’s primary advantages is that it is a cloud-based solution that is very simple to educate teams of various sizes. As a result, its vendor management capabilities are simple to use and learn how to get the most out of.
No matter how many suppliers you work with—ten or a thousand—it’s simple to handle, save, and monitor contracts while also effortlessly monitoring each stage of a vendor lifecycle. Therefore, everything is really simple, from finding new providers to automating the onboarding process.
The capacity to be customized is one more asset of Gatekeeper’s VMS system. Users may design workflows according to their business requirements using the Kanban board.
Although Gatekeeper offers several advantages, it is one of the costliest options on this list. Whether you work for a large organization, it is best to test the solution’s capabilities during the free trial period to determine whether they meet your firm’s requirements.
3. Genuity
Users advise IT teams to use Genuity’s vendor management system because it was developed with the help of IT and finance professionals. In addition to vendor management capabilities, several IT-specific features are available, such as the ability to automate support requests and phone bill management.
There is a catch: You get what you pay for with Genuity, one of the most economical vendor management software solutions available. Although the firm has fewer capabilities than other systems, it still offers the fundamental tools your IT staff will need to keep track of expenditures, manage contracts, monitor your network, and provide visibility across all of your assets.
AWS, Salesforce, G Suite, Quickbooks, Azure, and other platforms are among those the program connects with. Shop Genuity’s online marketplace to discover fresh SaaS providers and buy hardware and software at a discount.
Genuity is one of the most affordable vendor management systems on the market, with a fixed monthly charge of only $29.99 and unlimited users. If you want to experience Genuity before you buy it, there is also a 30-day risk-free trial available.
4. Precoro
Precoro’s web portal enables you to manage contracts, keep track of vendor performance, and save all pertinent vendor information. It is another vendor management system with several highly configurable capabilities. Utilizing this software solution makes procurement simple to handle.
Precoro’s straightforward, user-friendly design and excellent customer support are advantageous to users. In other words, a smooth onboarding process makes it simple for suppliers to become familiar with the technology. Furthermore, it interfaces with a number of systems, such as Xero and QuickBooks Online.
The vendor management features of Precoro are advantageous to companies in sectors including manufacturing, construction, healthcare, and hospitality.
This is one of the more reasonably priced vendor management systems on this list; pricing for users above 20 will need to be discussed; however, users under 20 will only cost you $35 per month per person. The fact that services like Connecteam start at $29 per month for a maximum of 30 people, though, makes it obvious that you’ll receive more for your money somewhere else.
5. Onspring
If you’re new to Vendor Management Software or need some extra guidance, Onspring provides the greatest customer care and training options to help you get the most out of the platform. Onspring provides the finest customer support of any vendor management solution.
The company hosts regular training sessions, all-day boot camps, and weekly “Free Friday” classes where you can learn about new features, best practices, and implementation methods offered by customers and solution teams.
The vendor management solution from Onspring enables you to centralize vendor data and contracts. You may monitor contract status, enhance the onboarding process, find vendor overlap, look at trends, create personalized dashboards, and more using automation and real-time analytics.
It may manage contracts and supplier information with Onspring’s Supplier Manager. You may monitor trends, check contract status, determine vendor compatibility, enhance onboarding procedures, check contract status, and more using automated and real-time analytics. Although Onspring’s integration is not as advanced as some of the other providers, there are still options.
To create connections, you can utilize open-source APIs, data links, or links that have already been specified. The fact that Onspring is a no-code system is another reason we appreciate it. Without any assistance from IT, you may build applications from scratch or use drag-and-drop tools to develop dashboards and workflows.
6. Beeline
Beeline’s vendor management system has a 100% integration success record, which means you may utilize your favorite ERP, security, or eProcurement solutions alongside Beeline. Beeline is suggested for businesses searching for Best Vendor Management Systems with limitless integrations.
The firm claims to have a 100% success record with client integrations, which implies that any on-premises or cloud-based apps you’re already using will function with Beeline. Integrations help you get the most out of your programs by streamlining your overall technology stack.
Utilizing Beeline will allow you to benefit from the typical vendor management system features, including resource monitoring, service procurement, contract administration, vendor compliance, insurance and license validation, onboarding processes, and more.
Furthermore, you may locate, deal with, and hire people directly by using Beeline’s Direct Sourcing service. In order to help customers find qualified service providers, Beeline works with the private talent network TalentNet.
Although Beeline has a number of advantages, the company also has certain disadvantages. The installation and use of Beeline, for instance, may be challenging, according to some G2 reviews.
7. Chondrion
Chondrion lets customers handle all vendor-related aspects, such as inventory control, selling, pricing, and shipping, through a single, centralized interface. Chondrion’s VMS products give users visibility into what they require while also allowing them to determine pricing, communication, and operating cost restrictions.
It’s also worth noting that Chondrion’s customer support team is excellent at assisting teams in getting the most out of the product while also attempting to provide additional features that may be lacking from their present experience.
Chondrion might be more adaptable in terms of integrations. Many of the solutions on this list can interact with accounting and payroll software, such as QuickBooks Online. Connecteam is a fantastic illustration of this.
8. Oracle SCM Cloud
Oracle SCM Cloud is one of the longest-running Vendor Management Software on this list, and for good reason. It is best suited for small and medium-sized enterprises.
There is almost nothing this software system can’t accomplish from a vendor management standpoint, with a vast range of tools to handle procurement, order management, product lifecycle management, inventory, and much more.
It’s worth repeating that the major role of this solution is vendor management, whereas applications like Connecteam give an all-in-one experience for enterprises to manage personnel.
Features To Look for in a Vendor Management System
When selecting the best Vendor Management Software for your company, keep the following features in mind:
Data management: A good VMS allows users to produce and manage vendor data as well as documents such as financial statements, contracts, and insurance certificates.
Risk and performance management: Assessment of new suppliers should be automated, and risk levels should be scored automatically. Your vendor management system should be capable of tracking suppliers based on risk and performance.
Vendor communication and collaboration: Vendors should be able to submit documents and information to your company securely. With the correct VMS portal, you and your suppliers may interact and cooperate before, during, and after contract durations.
Reporting: An ideal VMS should enable users to report on vendor-based processes, making it simple to communicate critical information to management.
Compliance management: Many sectors require vendor management software that makes it simple to follow tight rules and regulations.
Recruiting and onboarding: You want a VMS that allows you to properly hire and onboard relevant suppliers in order to align them with your business operations.
Integrations: Your Vendor Management Software should be able to interact with a variety of corporate software solutions, such as payroll software and third-party risk intelligence tools.
FAQ
Q: Can I use Vendor Management Software for free?
A: You will not find a free version of these industry-oriented tools. However, you may get a free trial.
Q: How Much do these tools Cost?
A: Prices vary per provider & number of users. However, pricing often ranges from $30-$875 each month.
Q: What is vendor management lifecycle?
A: This is an organized, transparent procedure for managing contingent workforces from start to finish. It is used to monitor suppliers and optimize compliance and performance during their stay in the supply chain.