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Vendor Management Systems


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Procurify logo
 
Procurify is a cloud-based procurement solution that helps businesses track, control and manage spend. Businesses can centralize all purchasing information, while enabling team members to do their own purchasing. This real-time solution... Read More
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Procurify is a cloud-based procurement solution that helps businesses track, control and manage spend. Businesses can centralize all purchasing information, while enabling team members to do their own purchasing. This real-time solution... Read More
 
3PL Warehouse Manager by 3PL Central logo
 
3PL warehouse manager is a cloud-based warehouse management system designed for third-party logistics companies to manage multiple customers, processes and billing schedules. The system enables access to real-time information and provides... Read More
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3PL warehouse manager is a cloud-based warehouse management system designed for third-party logistics companies to manage multiple customers, processes and billing schedules. The system enables access to real-time information and provides... Read More
 
Slingshot Enterprise Business Suite logo
 
Slingshot Enterprise Business Suite is a cloud-based enterprise resource planning (ERP) solution for midsize to large businesses. The software offers an integrated suite with procurement and order fulfillment, supply chain planning,... Read More
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Slingshot Enterprise Business Suite is a cloud-based enterprise resource planning (ERP) solution for midsize to large businesses. The software offers an integrated suite with procurement and order fulfillment, supply chain planning,... Read More
 
Contract Insight Contract Management logo
 
Contract Insight is a contract lifecycle management solution developed by CobbleStone Systems. It can be deployed either on the customer’s premises (with perpetual licensing) or in the cloud (with monthly subscription licensing). Contract... Read More
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Contract Insight is a contract lifecycle management solution developed by CobbleStone Systems. It can be deployed either on the customer’s premises (with perpetual licensing) or in the cloud (with monthly subscription licensing). Contract... Read More
 
Coupa Cloud Spend Management logo
 
Coupa is a cloud-based business spend management solution that helps businesses to manage their budget and spending for business services. Key features include e-procurement, expense management, expense report auditing, real-time benchmarking... Read More
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Coupa is a cloud-based business spend management solution that helps businesses to manage their budget and spending for business services. Key features include e-procurement, expense management, expense report auditing, real-time benchmarking... Read More

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WMS360 logo
 
Seldat’s WMS360 is a modular platform suitable for third-party logistics providers and warehouse operations of all sizes. Key features include inbound and outbound planning, inventory management and automated monitoring. The solution... Read More
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Seldat’s WMS360 is a modular platform suitable for third-party logistics providers and warehouse operations of all sizes. Key features include inbound and outbound planning, inventory management and automated monitoring. The solution... Read More
 
SAP S/4HANA logo
 
SAP S/4HANA (for Supply Chain Management) is an integrated enterprise resource planning (ERP) software suite designed for businesses of all sizes and kinds. The product caters to multiple industry verticals, such as manufacturing,... Read More
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SAP S/4HANA (for Supply Chain Management) is an integrated enterprise resource planning (ERP) software suite designed for businesses of all sizes and kinds. The product caters to multiple industry verticals, such as manufacturing,... Read More
 
Fishbowl Inventory logo
 
Fishbowl is a hybrid manufacturing and warehouse management solution designed for small and midsize companies. Key features include inventory control, material requirements planning (MRP), job shop floor control, work order management,... Read More
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Fishbowl is a hybrid manufacturing and warehouse management solution designed for small and midsize companies. Key features include inventory control, material requirements planning (MRP), job shop floor control, work order management,... Read More
 
Halo logo
 
Halo offers a supply chain management analytics platform that helps businesses plan and forecast inventory needs. Deployment options for Halo include on-premise, SaaS (Software as a Service) or PaaS (Platform as a Service, which allows... Read More
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Halo offers a supply chain management analytics platform that helps businesses plan and forecast inventory needs. Deployment options for Halo include on-premise, SaaS (Software as a Service) or PaaS (Platform as a Service, which allows... Read More
 
Conga Contracts Contract Management logo
 
Conga Contracts is a hybrid contract lifecycle management (CLM) solution that helps organizations to generate, track, maintain and report on different business contracts. The solution can either be deployed on-premise or hosted in... Read More
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Conga Contracts is a hybrid contract lifecycle management (CLM) solution that helps organizations to generate, track, maintain and report on different business contracts. The solution can either be deployed on-premise or hosted in... Read More

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Gatekeeper logo
 
Gatekeeper is a cloud-based vendor and contact management solution. Key features include automated alerts, customization and collaboration tools and integrations with other software.   Users can manage contracts and vendor information,... Read More
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Gatekeeper is a cloud-based vendor and contact management solution. Key features include automated alerts, customization and collaboration tools and integrations with other software.   Users can manage contracts and vendor information,... Read More
 
Oracle SCM Cloud logo
 
Oracle SCM Cloud is a cloud-based supply chain management solution that offers distribution, manufacturing, inventory management and fleet management within a suite. The product features product development, which allows users to... Read More
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Oracle SCM Cloud is a cloud-based supply chain management solution that offers distribution, manufacturing, inventory management and fleet management within a suite. The product features product development, which allows users to... Read More
 
StockIQ logo
 
StockIQ is a supply chain management (SCM) suite for 3PL's and distributors of all sizes. The solution is available in cloud-based or on-premise deployments. Key features include supply chain planning, demand planning, supplier management... Read More
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StockIQ is a supply chain management (SCM) suite for 3PL's and distributors of all sizes. The solution is available in cloud-based or on-premise deployments. Key features include supply chain planning, demand planning, supplier management... Read More
 
QStrat QLM Sourcing logo
 
QStrat offers three integrated supply chain management (SCM) products: QLM Costing, QLM Sourcing and QLM Sales. These are flexible systems that are available as either web-based or on-premise.The complete suite offers essential SCM... Read More
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QStrat offers three integrated supply chain management (SCM) products: QLM Costing, QLM Sourcing and QLM Sales. These are flexible systems that are available as either web-based or on-premise.The complete suite offers essential SCM... Read More
 
POOL4TOOL logo
 
POOL4TOOL is a cloud-based supply chain management solution that manages the movement of information from clients to suppliers. It is suitable for midsize companies. It features supplier portal, workflow management, ERP integration,... Read More
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POOL4TOOL is a cloud-based supply chain management solution that manages the movement of information from clients to suppliers. It is suitable for midsize companies. It features supplier portal, workflow management, ERP integration,... Read More

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Snapfulfil logo
 
Snapfulfil is a cloud-based warehouse management solution (WMS) suitable for a range of industries including B2B and B2C retail, 3PL, manufacturing, food and beverages and electronics. Key features include receiving, put-away, inventory... Read More
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Snapfulfil is a cloud-based warehouse management solution (WMS) suitable for a range of industries including B2B and B2C retail, 3PL, manufacturing, food and beverages and electronics. Key features include receiving, put-away, inventory... Read More
 
Red Rock Warehouse Manager logo
 
Red Rock WMS from 3PL Central is a cloud-based inventory and warehouse management system for companies doing retail distribution, e-commerce fulfillment and manufacturing. Red Rock WMS can integrate with QuickBooks, manage multiple... Read More
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Red Rock WMS from 3PL Central is a cloud-based inventory and warehouse management system for companies doing retail distribution, e-commerce fulfillment and manufacturing. Red Rock WMS can integrate with QuickBooks, manage multiple... Read More
 
SMART by GEP logo
 
SMART by GEP is a cloud-based unified procurement solution that offers spend analysis, savings tracking, strategic sourcing, contract management, supplier management and procure-to-pay order processing in a mobile-enabled suite.... Read More
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SMART by GEP is a cloud-based unified procurement solution that offers spend analysis, savings tracking, strategic sourcing, contract management, supplier management and procure-to-pay order processing in a mobile-enabled suite.... Read More
 
S2K Warehouse Management Software logo
 
S2K Enterprise Management solution by VAI is a cloud-based, integrated ERP system designed to manage midsize and enterprise businesses in the wholesale distribution, manufacturing and speciality retail industries, across many vertical... Read More
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S2K Enterprise Management solution by VAI is a cloud-based, integrated ERP system designed to manage midsize and enterprise businesses in the wholesale distribution, manufacturing and speciality retail industries, across many vertical... Read More
 
Transwide TMS logo
 
Transwide is a modular and carrier neutral Transportation Management Solution that is delivered in a Software as a Service format. The suite of integrated modules provides the tools for carriers to source, plan, execute, settle, and... Read More
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Transwide is a modular and carrier neutral Transportation Management Solution that is delivered in a Software as a Service format. The suite of integrated modules provides the tools for carriers to source, plan, execute, settle, and... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: May 16, 2018


Before we can get into specifics about vendor management software (VMS) and the role it plays along the supply chain, we first need to understand some of the terminology commonly used to describe and talk about this type of software.

For starters, the word "vendor" can mean a lot of different things depending on the market. Broadly speaking, a vendor is any person or entity that sells goods or services. A supply chain vendor refers to a very specific instance. Supply chain vendors are not your employees—they are contracted, third-party organizations that manufacture and/or sell stock to you.

Another phrase you're going to see a lot when researching vendor management software is third-party risk management. This language has come about fairly recently as a result of federal regulations and guidance regarding the liability a company assumes when contracting a third-party vendor. This is becoming more important as issues of cybersecurity and stolen data are increasingly present in the public mind.

Vendor management plays a significant role in a well-run supply chain, and there's a great deal to consider when exploring this type of software.

In this buyer's guide, we'll explain the fundamentals of vendor management software along with what you need to know as a small business when making your software selection.

Here's what we'll cover:

What Is Vendor Management Software?
Common Functionality of Vendor Management Software
How Are Vendor Management Systems Priced?
Key Considerations When Shopping for Vendor Management Software

What Is Vendor Management Software?

One way to think of vendor management software is as a much more robust version of supplier relationship management (SRM) tools. All the things SRM software can do—performance and risk assessment, sourcing, compliance etc.—VMS can also do. But it also provides additional important features. We'll get into specific features later, but for now, let's talk about the four biggest roles vendor management systems perform.

It's a channel of communication between managers and vendors. Having one centralized location where every party involved in a transaction can discuss expectations, setbacks and the task at hand is vital to getting a job done correctly. VMS provides that central platform.

It's a one-stop shop for task management. Basically, it's project management for vendors. It can handle assigning, tracking, coordinating and collaborating.

It's a way to pay the bills. Because third-party operators are not technically employed by the companies they're creating products for or selling products to, it can be difficult to keep track of contracts, payments, hours and other expenses. VMS automates a lot of that work.

It mitigates risk. VMS plays a crucial role in assessing any risks your company may be taking on by working with certain vendors. Most vendor management and risk solutions do this by requiring any vendors you're considering working with to complete detailed questionnaires that identify any potential issues with the vendor's services. For instance, vendors might have to explain what data they'll require access to and how exactly they'll protect that data from exposure.

Common Functionality of Vendor Management Software

Vendor management tools differ depending on your business, and a lot of the systems available can be customized and tailored to do exactly what you need them to. Above all, the goal of VMS is to simplify and streamline every aspect of working with outside vendors. To achieve this, most systems will offer the following capabilities:

Sourcing and selecting vendors Identify potential vendors, assess risks, obtain quotes and ultimately determine which one you want to work with.
Engaging and communicating with vendors Initiate contract negotiations, come to terms and promote an engaged client-vendor relationship.
Onboarding vendors and ensuring compliance Get new vendors up to speed on your business's practices and policies while also checking every box for federal and state regulations that require compliance.
Paying vendors Track billable hours, payments made and owed and any other billing information necessary for accurately completing vendor transactions.
Evaluating vendors Document how well or how poorly vendors performed once the transaction or task is done so that you can 1) address any failure to meet expectations and 2) identify both subpar and exemplary vendors.

Other features of VMS include options such as budgeting, invoice/receipt creation and vendor portals.

Supplier home page in Ivalua's vendor management software platform

Supplier home page in Ivalua's Supplier Management product

How Are Vendor Management Systems Priced?

Pricing and packaging models for VMS vary quite a bit. By and large, your best option will be to go directly to the source and obtain a price quote, as that's the only way many of these software providers offer to explore their costs.

Still, there are a few out there who make that information available on their websites. For the most part, these systems are cloud-based or SaaS platforms that require subscription payments either monthly or yearly. Costs can range from nothing at all for basic packages to as much as $2,000 per month per user.

Key Considerations When Shopping for Vendor Management Software

You may wonder whether VMS justifies the cost. That depends on your size and current vendor relationships. If you haven't had any problems connecting your small business with reliable, trustworthy suppliers and working with them through things such as payments and communication, you may not need this software right now. That said, if your business is likely to scale, you'll need a system that can manage added complexity.

Supply chain businesses of all sizes can benefit from the features that VMS provides. These systems can improve the following business processes in particular:

  • Purchase orders, requisitions or procurement
  • Third-party billing and invoicing
  • Security and risk assessment

Here are some key questions you should consider when choosing a software vendor:

How difficult will it be to deploy, integrate and use this software?

Will it require the purchase of extra equipment? Will it integrate with existing software you're already using, such as warehouse management and accounting systems? What kind of training will be needed to help you and your employees master this software?

How will this product impact my existing vendors?

Are they capable or willing to use this product? Will this improve communication between them and you? Will this disrupt their way of doing things?

You don't have to have all the answers right now, but it can be useful to ask yourself these critical questions when evaluating different vendor management systems. And if you're still having trouble, you can always reach out to our expert advisors at (844) 687-6771 for a quick and easy consultation to identify products that meet your requirements.

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