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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, re...Read more about Precoro
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Agiloft is the trusted global leader in Data-First Contract Lifecycle Management (CLM) software, connecting contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, cust...Read more about Agiloft
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With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by automating core processes a...Read more about NetSuite
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Procurify’s easy-to-use Intelligent Spend Management platform provides hundreds of organizations worldwide with real-time visibility and control over all business spend. By bringing more spend under management, our customers capture reliable spend data tha...Read more about Procurify
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Tipalti is the world's leading finance automation solution for managing accounts payable, procurement, expenses, card, and global payments. Eliminating 80% of manual work and accelerating financial close by 25%. Tipalti allows you to easily onboard global...Read more about Tipalti
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Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team managers can monitor purchases ...Read more about Tradogram
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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 Vendor & Contract information, track workloads, monito...Read more about Gatekeeper
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Ariba spend management is a cloud-based solution for small to large businesses that helps automate all spend related activities, plan purchases, manage suppliers and receive payments as per the contracts. Designed to integrate and automate expenses fr...Read more about Intelligent Spend Management
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Order.co is the first and only Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purchase, approve, track and p...Read more about Order.co
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Graphite Connect is a powerful supplier management platform that streamlines the procurement process, from onboarding to risk management. It offers a secure central hub for data management, task coordination, and team collaboration. It provides users acc...Read more about Graphite Connect
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Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a resilient network and pro...Read more about Oracle Fusion Cloud SCM
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A1 Tracker Contract Management Software is a cloud-based contract management & lifecycle platform. A1 Tracker's features include contract approval workflow, documents, vendors, audits, reminder notifications, templates, certificates of insurance, and ...Read more about A1 Tracker
Promena e-Sourcing is a cloud-based auction management, sourcing and procurement platform. It supports strategic solutions, such as request for information (RFI), request for proposal (RFP), request for quotation (RFQ) and e-auction services. Promena ...Read more about Promena
Kentro is a Modern ERP built by e-Commerce experts to streamline and automate your operational processes to support your scale and growth with maximum efficiency. Kentro comes with set of built-in features essential for effective operation, such as real-t...Read more about Kentro
LeanDNA is an intelligent supply chain execution software that helps discrete manufacturers reduce excess inventory, prevent critical shortages, and establish operational command. It is a cloud-based, factory-centric, SaaS platform that uniquely focuses on...Read more about LeanDNA
Zip is the first and only unified intake-to-pay solution and provides one place for any employee at an organization to initiate a purchase or vendor request. Each request is correctly routed for approval across procurement, finance, IT, data security, lega...Read more about Zip
SafetyChain's digital plant management platform gives process manufacturers the flexibility to rapidly address urgent challenges while offering scalability to expand and drive long-term value. • Gain visibility and control of quality checks • Understand t...Read more about SafetyChain
OpsVeda is a platform that provides operations intelligence to enable businesses to make smarter operations decisions based on real-time information from the cloud and on-premise. OpsVeda brings together all data streams generated by assets, mobile devices...Read more about OpsVeda
Prepare to catapult your operations into a thrilling new age of logistics with Neurored's TMS (Transportation Management System) & SCM (Supply Chain Management) solutions. These mighty software arsenals are primed to revolutionize your operations and charg...Read more about Neurored TMS & SCM Software
VendorPanel is a cloud-based procurement solution designed to help government and commercial organizations with source-to-contract operations. This solution offers sourcing with RFx functionality, supplier evaluations and comparisons, contract management, ...Read more about VendorPanel
Kodiak Hub's platform offers a modular suite of Supplier Relationship Management Solutions that teams can plug & play to capture supplier data & information, spot supply chain risks, manage contracts, categories, documents, and products, assess and audit c...Read more about Kodiak Hub
LogicGate Risk Cloud® is a no-code governance, risk, and compliance (GRC) platform that scales and adapts to your changing business needs and regulatory requirements. It combines a suite of purpose-built Applications with intuitive technology that allows r...Read more about LogicGate Risk Cloud
Digital Purchase Order is a cloud-based solution that enables businesses to create orders requests, approve expenditures and track the entire purchase history of products. It provides mobile applications for Android and iOS devices, which helps professiona...Read more about Digital Purchase Order
Fairmarkit is an autonomous sourcing platform that transforms non-strategic spend so organizations can source more competitively at scale. It integrates with ERP and P2P systems to automate manual source-to-award workflows so procurement teams can manage 1...Read more about Fairmarkit
Simplain Vendor Portal with modules such as Item Management, New Item Introduction, Vendor Management, New Vendor Introduction, Cost Management, Deal Management, Invoice Management, Bulk Spreadsheet Uploads, Data-Driven Vendor KPI Management, and Reporting...Read more about Simplain Vendor Portal
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Buyers Guide
This detailed guide will help you find and buy the right vendor management systems software for you and your business.
Last Updated on March 16, 2023Before 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 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.