No matter the scale or industry, every business has to deal with vendors. It is so no secret that it can sometimes get challenging to manually manage everything associated with vendors. However, various aspects of vendor management, including payments, invoices, orders, deliveries, and contracts, can be seamlessly managed with the help of robust vendor management software.
There are various ways that a business can benefit from vendor management software. Still, with so many options available in the market, it becomes rather challenging to find the best vendor management software based on the requirements of our business. Therefore, to make this easier for everyone, we have compiled a list of the best vendor management software available in the market. So let’s get started.
What Is a Vendor Management System?
Vendor management software (VMS) is a unified suite of software that helps businesses manage all the processes involved with vendor management. It facilitates the comprehensive management of different steps of operations, involved from the start to the end of a deal or business relationship.
In addition, every vendor management system is equipped with various modules that are further used to deal with a specific business process.
Businesses using good vendor management software can facilitate seamless and on-time delivery of different products and services, ensure consistent results, enhance relationships with the customers, boost the efficiency of carrying out diverse business processes, and more.
Vendor management software can help businesses aid their procurement team to establish strong relationships with the vendors. It also streamlines operations without wasting too many financial and personal resources in the process.
Nonetheless, the best quality of vendor management solutions is that businesses can use these software solutions to fully automate all the vendor management processes and enjoy enhanced results without putting in any manual effort.
10 Best Vendor Management Software Systems in 2024:
1. SAP Fieldglass
SAP Fieldglass is one dominant vendor management solution present in the market. The system has enhanced features and functionalities, besides packing some advanced automation proficiency and reliable integrations.
As a result, businesses can use this solution to facilitate seamless management of almost every operation related to vendor management. SAP Fieldglass helps in effortless performance tracking, compliance checks, and management of different contracts, among others.
Vanta is another leading vendor management solution used by numerous businesses of different scales. This suite of software solutions can seamlessly streamline other expensive and complex processes associated with vendor management.
Furthermore, Vanta is compliant with different standards, including HIPAA, SOC 2, and even ISO27001, meaning the businesses using this platform can keep their efforts focused on growing and scaling the business.
Moreover, Vanta is one of the few vendor management platforms equipped with read-only integrations with some of the leading task trackers, cloud services, identity providers, and more which allows businesses to bring together all the evidence for security audits automatically.
Genuity vendor management platform is engineered explicitly to help finance and IT professionals manage their vendor relationships efficiently. It is one of the few vendor management platforms filled with numerous features and functionalities that are specifically useful for IT-related tasks.
In addition, Genuity is one of the most affordable vendor management solutions available in the market. However, this platform’s features are relatively limited compared to other VMSs open in the market. Nonetheless, the solution is equipped with all the tools that it will require of an organization.
Suppose a business is looking for a vendor management platform that will help them facilitate seamless management of all vendor contracts, records, documents, and profiles.
In that case, ProfileGorilla is what they need. The SaaS-based is equipped with extensive online collaboration and vendor profile management features and functionalities that any scale business can leverage.
Looking at the functionalities it provides, ProfileGorilla is an ideal solution for businesses looking for a solution to help them manage vendor profiles in a unified manner. In addition, this solution allows companies to store all the business-related data in a centralized place, making it easier to access.
Gatekeeper is a cloud-based vendor management platform that offers easy and quick implementation and is mainly suitable for large-scale businesses that require widespread access.
Every plan offered by Gatekeeper includes limitless storage and user seats, and the solution is based on the cloud. Therefore, it can be easily deployed among large teams or departments.
Further, the unique functionalities offered by the solution enable organizations to keep track of every aspect of the vendor life cycle with ease. Gatekeeper leverages the Kanban Workflow Engine to simplify data entry, manage SLAs, and automatically build records.
Jaggaer is one of the best vendor management solutions previously known as BravoSolution. The solution helps businesses and organizations integrate suppliers’ lifetime value throughout the entire procurement process.
The solution is equipped with advanced functionalities such as invoice management, contract lifetime management, procurement management, spending analysis, and similar features.
As a result, the solutions make it easier for businesses to realize their goals in no time. In addition, Jaggaer provides organizations with numerous combinations of modules specifically designed for different industries. This means that a business can choose its type based on its needs and requirements.
Precoro vendor management solution is ideal for medium and small-scale businesses looking for an affordable vendor management solution. Despite the reasonable pricing range of Precoro, it still offers small and medium-sized businesses with advanced tools that help them facilitate effective and easy vendor management.
In addition, the solution is highly customizable, meaning that businesses can change or even add new features and functionalities as they begin to scale. Furthermore, organizations can seamlessly store all the contact information about the vendors, generate reports on the performance of vendors, and even manage different contracts with ease.
VendorInsight is known for its enhanced features and functionalities that help organizations carry out effective vendor management without any hassle. In addition, when it comes to vendor management features and functionalities, VendorInsight is as comprehensive and productive as it gets.
The solution is equipped with advanced tools, including policy and compliance management tools, productivity software, and other control and monitoring functionalities. The solution is ideal for financial organizations such as credit unions or banks as it is equipped with specific features that can make things a lot easier for financial institutions.
The Beeline vendor management solution is one of those few solutions known for their cent-per-cent integration success rates. This means that businesses can easily use Beeline alongside their security, enterprise resource planning, and eProcurement solutions.
In addition, the solution is equipped with numerous vendor management features such as service procurement, vendor compliance, onboarding processes, resource tracking, contract management, license and insurance validation, and more. This vendor management platform is ideal for organizations that require many integrations as it will help them integrate Beeline with any on-premise or cloud-based solutions.
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Our last and the most reliable task management platform recommendation is actiTIME which is equipped with many advanced features and functionalities that include the exceptional progress monitoring feature.
Businesses of different scales can significantly benefit from this feature as it provides everything from Kanban board to visual estimate tracker and even detailed performance reports.
Furthermore, businesses can even use actiTIME to set up an automated notification to keep themselves updated about all risks associated with the schedule or budget overruns. Therefore, for any organization looking for an effective vendor management solution, then actiTIME is the go-to solution. This platform can boost productivity and ensure success by driving enhanced results.
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Vendor management solutions can be great for businesses of all types, industries, and scales. Any vendor management solution that one chooses from the above is specific organizations will enjoy perks like minimum human error, enhanced organizational efficiency, and reduced wastage of money and time by eliminating repetitive manual tasks with these solutions.
There is no shortage of vendor management platforms in the market. However, businesses should always opt for the best to drive enhanced results. Therefore, if an organization is looking for a vendor management platform to enhance its results, it is highly recommended to consider all the above solutions.